In keeping with the trend for UK firms to announce good financials early, Bristol-based LB100 firm TLT has revealed its turnover for 2015/16, improving on its strong financial performance of recent years to post a 15% increase in turnover to £71.6m.
The past year’s growth comes off the back of a strong 2014/2015 financial year, with the firm growing its turnover by 8% with revenues of £62.5m. Over the last five years, turnover has grown from £43.3m to £71.6m – a 65% increase. Profits for the last financial year have not yet been finalised.
Managing partner David Pester (pictured) said the latest results underlined the success of the firm’s current three-year strategy launched in 2012, during which time TLT’s revenue has increased by an overall 45%, while partner numbers have increased to 111. The firm’s overall headcount has increased by 63% to over 1,000 across its seven offices. The firm is due to launch its new three year strategy over the summer.
‘The last three years have seen a combination investments and that’s definitely increased our market share. We’ve deepened the expertise and it is particularly noticeable in the spread of clients that we have now in the FTSE 100 to 250, as well as the fact that we can deploy our service effectively through the our UK offices and be truly national.’
The firm recently appointed former real estate head Andrew Glynn as senior partner after longstanding senior partner Robert Bourns stepped down to become president of The Law Society in July. Bourns continues to practise at the firm as a partner in its employment, pensions and incentives group.
TLT has also announced its investment into its Bristol headquarters following the expansion and refurbishment of its Belfast, Edinburgh, Glasgow and Manchester offices across the past three years.
Pester confirmed the firm would now focus on the next stage in its development, ‘specifically, looking at how we continue to deepen our expertise and stay relevant to our clients in a changing legal services market.’
‘You’ve got to be realistic,’ he added. ‘Most of what is going on in the UK at the moment is about getting market share. There is a certain level of new activity in the market, but generally activity levels in the UK are much, much flatter. It is all really about how you’re going to win the market share, where you are going to compete effectively and what you’re going to be famous for.’
Earlier this week, Midlands-based Browne Jacobson announced a 9% increase in turnover to £64m, leading to a 5.5% award to employees as part of its annual performance award scheme. Organic revenue increases of 10-15% are expected to be at the upper end of the performance scale after a tougher year for the UK commercial legal market generally.