Law firm revenues fall for fourth consecutive year
Law firm Gordons has seen turnover drop for a fourth consecutive year but insists it is “set to return to growth this year”.
Revenues were down 22% to £15.4m – more than £10m below its 2013 peak – as the Yorkshire firm adjusted to significant changes.
Gordons managing partner, Paul Ayre, said: “We’ve undergone a lot of change in the last couple of years. That has now unravelled and we are set to return to growth this year, as a leaner, more focused business.”
In a statement the firm, which has offices in Leeds and Bradford and employs 198 people, said net profits were £4.9m. The accounts have not yet been filed at Companies House, but last year pre-tax profits were £8.6m.
Gordons said that they had experienced strong trading in the 2017-18 financial year so far, securing significant new business wins and achieving increased turnover and profits.
Average partner remuneration for its 2017 financial year was £182,000, which is down significantly on the £283,000 paid last year. However Gordons’ average pay is distorted by Ayre’s earnings – last year he took 20% of the total paid out to the firm’s 30 partners.
