Kennedys has today announced a turnover increase of 9% after a year of both lateral hires and organic growth, with revenues up to £117m from £109m in 2011/12.
The results do not reflect the firm’s recent merger with aviation firm Gates and Partners on 1 June this year, which is expected to add £10m to the City-based insurance specialist’s bottom line.
The top 35 LB100 firm, which has signalled that further expansion is yet to come, has seen consistent growth over the course of the last five years, including posting a 31% increase in turnover in both 2009 and 2010. Last year the firm broke through the £100m boundary, announcing a turnover increase of 11.6% at the end of 2011/12.
Kennedys senior partner Nick Thomas (pictured) said: ‘Kennedys is going from strength to strength despite the challenging economic climate. Our success continues to be predicated on client need and organic growth. The strategy is simple but highly effective: focus on a particular sector and add real value to our clients by combining legal knowledge and industry insight.’
According to Thomas, the firm plans to build on its merger with Gates and Partners by extending its network, commenting: ‘I expect this strategy to lead to further expansion in the coming 12 months as we invest in our network to be in the places our clients need us to be. The merger with Gates and Partners should be seen as a signal of our intent.’
Key hires by the firm over the last year include Clyde & Co marine and offshore energy partner Graeme Baird and Norton Rose marine lawyer David McKie in London, DAC Beachcroft professional indemnity partner Claire Bushen in Manchester, and corporate and commercial partner Peter Cashin, who was brought in to bolster the Hong Kong office from MetLife.
In 2011, Kennedys launched in both Ireland and Portugal, merging with Dublin-based associate firm O’Hare, O’Connor, Walshe in June and associate office Almeida & Athayde in March respectively.
Other UK firms to have recently reported their financial results include SJ Berwin, which saw revenue increase by 2% to £184.6m.