Weightmans on target for £60m turnover
LAW firm Weightmans, which has offices in Birmingham, Liverpool and Manchester, has said it is on target to hit £60m turnover during its current financial year.
The firm, which also has a practice in the East Midlands, said the revised target came after it exceeded its half yearly billing target. Fee income was up to £26.9m compared with £25.2m by the end of October last year.
“This is a pleasing and positive result,” said the firm’s managing partner, Patrick Gaul.
The announcement indicates how competitive the market is becoming for firms such as Weightmans as companies battle it out for business ahead of the likely changes to the legal sector as a result of the Legal Services Act.
Birmingham rival Shakespeare Putsman has clearly announced its intention by saying it will increase turnover from its current £30m to £50m in four years. Further mergers will drive the growth in business.
HBJ Gateley Wareing has also acted to improve its position by snapping up part of the assets of failed rival Halliwells.
“Everybody has worked really hard to produce this outcome and in some areas, markets are still difficult and there is not a lot of work around,” said Mr Gaul.
“Our result is a reflection of what we are doing to achieve good results for our clients and if we keep them satisfied then we will get to where we want to be at the end of the financial year.”
In light of the Comprehensive Spending Review and impending changes to the legal sector, the firm has started a strategy review that is set to examine all aspects of the business to see where its future focus should be.
Mr Gaul has already accepted that changes are inevitable as a result of the Legal Services Act and therefore the company has to be prepared.
As well as strategy improvements, the firm is also planning on making its operation more efficient by utilising the benefits of new technology.
A new leadership training programme to sustain the firm’s senior management is being implemented and with an eye to business opportunities it is also looking at upping its marketing operation.
Weightmans posted £56.2m annual fee income for the 2009 / 2010 financial year.
