Revenues pass £50m barrier at South West law firm
South West law firm Ashfords has broken the £50m revenue barrier for the first time.
The firm has grown revenue by three per cent to hit £50.2m triggering a seven per cent company wide bonus.
Like-for-like revenues were up by seven per cent, following the divestment of the firm’s equity release business in June 2022.
Revenues were strong across the firm’s service areas, with notable client wins including CCS Public Sector Legal Services Framework and reappointment to Pennon’s legal panel. Profits also increased by 10 per cent to £19.9m.
The firm is part way through a five-year strategy focused on growing its core legal advisory work for commercial, real estate and private clients.
As part of that strategy, it has added a number of strategic lateral hires over the past year including restructuring and insolvency partner Melissa George, commercial disputes partner Tom Llewellyn, tax partner John Pindard and banking and finance legal director Anna Thompson.
The firm continues to focus on its people and responsible business agenda.
Over the last year, this has seen continued work to improve social mobility and widen access to law through initiatives including work placements, workshops and apprenticeships. The firm has also continued to reduce its reportable emissions as part of its wider environmental impact initiative.
Ashfords chief executive Louise Workman, said: “We have had another year of strong sustainable financial growth across the business advising our commercial, public sector and private wealth clients. Some really interesting projects and legal work sit behind that revenue growth including advising on 160 corporate deals to drive developments in area like AI, healthtech and battery development, providing a range of legal services to energy and resources projects, supporting landowners with diversification and advising on significant regeneration and real estate developments across the UK.
“We have a strong team, strong business and strong platform to accelerate the development of our business further in the future, grounded always in doing all we can to deliver an outstanding service for our clients.”
