Sports practice changes impact on law firm’s performance

Revenue and profits at commercial law firm Brabners have been slightly dented by the “refocus” of its sports practice at the end of 2015.

Turnover at 64-partner Brabners, which has offices in Liverpool, Manchester and Preston, reached £29.6m in the 12 months to April 31, 2016 (2015: £30.1m), with total profit of £9.7m (2015: £10m).

The firm said the changes in its sports practice, which involved the planned departure of three partners, had impacted revenues slightly, although this had been largely off-set by a stronger contribution from other key commercial practice areas.
 
Brabners recruited 17 new people last year, and has appointed several new partners to the firm since the start of the new financial year as part of its talent acquisition strategy. These included Ian Mylrea as head of its national pensions practice and Richard Hepworth as a partner in its corporate practice.
 
The firm, which recently celebrated its bicentenary, said it was also undertaking a significant investment in new CRM and practice management technology as part of its ongoing focus on client service and employer brand credentials.

With net assets of £11.6m, the firm said its underlying financial strength would enable it to continue investing in line with its growth strategy, specifically in hiring additional partner level expertise in key sectors and practice areas.

Managing partner Mark Brandwood said: “Last year was a significant milestone in our history as a firm, as well as a year in which we continued to invest for our future.

“Our long-term growth strategy is based on building a technology and talent led firm with the depth of expertise in sectors and breadth of expertise in practices, underpinned by a client-first culture.”

He added: “Demand remains strong into the current financial year, whilst our sector–led approach is helping us leverage our cross-practice strengths for the benefit of our growing client base.”