Law firm set to hand out £1.5m in staff bonuses
Law firm Weightmans is set to pay out £1.5m in bonuses to its staff after posting its financial results for the 2021/22 year.
Total income at the firm, which has offices in Leicester and Birmingham, increased by 5% to £103.2m. Net profit increased by 25% from £9m to £11.3m in the 12-month period, after making the £1.5m bonus award.
Weightmans has posted organic growth in the litigation, transactions and advisory division and claims division. Within those divisions, Corporate and commercial, real estate, casualty, healthcare, and litigation all recorded seven figure growth. A number of the firm’s key markets grew – 31% in built environment, 16% in public bodies, 9% in services to owner managed business and 7% in services to individuals.
Twelve staff were made partners over the period, from departments such as family, employment and healthcare and the finance team hailed its first partner promotion, in what was a record number ever promoted in one round.
In January, the firm announced it was in merger negotiations with law firm RadcliffesLeBrasseur. The merger was finalised in June and the firms have combined under the Weightmans name.
Weightmans managing partner John Schorah said: “It has been a strong year for Weightmans, not just in terms of financial success but in the positive progress we have made towards our goals of being the most responsible business and best employer possible.
“The figures show that we have been able to recover from the impact of the covid pandemic, thanks to the hard work of our people and the support of our clients to whom we are incredibly grateful.
“The merger with RadcliffesLeBrasseur will contribute significantly to the depth and breadth of services we offer to clients across the UK and we are excited by what we can achieve together in the coming months.
“The firm’s footprint and presence has strengthened nationally, we now have a very significant presence in London and in all our client markets we are major players.
“We remain ambitious and focused on the future as we continue to innovate, diversify and invest in our people and processes to ensure we are delivering market leading insight and the high standard of service we are known for.”