Law firm hires put a dent in profits
RAPID expansion at Bolton law firm Asons has seen it take a 62% reduction in profits, despite an increase in turnover of 40%.
Employment costs – as its the workforce rose from 124 in 2013 to 232 in 2014 – jumped from £2.65m to £6.8m.
The firm which specialises in personal injury claims made an operating surplus of £121,050 in the year to May 31 2014, down from £318,729 the previous year.
Turnover increased 39.78% from £9.6m to £13.5m, but it was its higher overheads which dented the bottom line.
Meanwhile, Asons plans to press ahead with a £7m office development on the site of the former Bolton College building in Clarence Street.
Launched by brothers Imran and Kamran Akram just six years ago, Asons said the investment in the new base would allow it to create 300 jobs.
Chief executive Imran Akram says Asons is performing well and is “adapting to market pressures and focusing on developing client care, improving systems processes to be as efficient as possible and being willing to embrace change.
“We have a grand ambition to build a new headquarters in 2015, which will of course mean we invest a great deal of our capital, but we have a 21st century law firm that is fully equipped to deal with any challenges and evolve to survive,” he added.
