Cobbetts looking to grow as profits rise 14%
LAW firm Cobbetts is looking ahead to a year of “controlled growth” after announcing a 14% increase in net profits.
The firm, which has one of its four offices in Leeds, recorded net profits of £10.4m for the last financial year and saw debts reduced by a quarter to £8.8m despite turnover falling 7% to £43.8m.
It is a welcome set of figures for Cobbetts which suffered in the slump in the corporate and commercial property markets in the previous year and was forced to cut wages and reduce some staff to four day weeks.
Managing partner Michael Shaw paid tribute to Cobbetts staff for the way they had responded to the downturn and said their efforts had put the firm on a “sound financial footing”.
He said: “The last two years have been challenging for the entire legal community, and we are by no means back to the level we wish to be, but by concentrating effort and resources in areas of market differentiation and potential growth, we have weathered the storm and are now emerging stronger and hungrier than before.
“With a strengthened balance sheet and a robust WIP, we are now looking forward to a year of controlled growth by capitalising on our existing strengths and continuing to innovate in areas where we see significant opportunity.”
The company pointed to banking and finance litigation, where the number of staff employed has risen from 14 to 73, as an area that had seen substantial growth despite continuing sluggishness in the economy overall.
In the last year it has also launched Cobbetts International to capitalise on increasing work from areas such as Russia and the Middle East.
