Bristol-based LB100 firm TLT’s revenue rose 4% to £74.6m for the 2016/17 financial year, marking its fifth consecutive year of revenue growth.
TLT’s managing partner David Pester said that the firm’s revenues have grown by around 50% since 2013 when it was £49m. Pester attributed the rapid increase to the firm’s ‘UK expansion programme.’
Since 2013, TLT has opened a new Manchester office and refurbished it. It also significantly renovated the firm’s Bristol office.
Pester also stated that revenues were ‘broadly balanced’ across the firm’s transactional, advisory and disputes practices. This was due to a strategy focused on ‘refining our business with an emphasis on deepening expertise and balancing out the contribution of our practice areas and sectors.’
Over the last financial year, TLT’s fee income rose 4%, a slow increase compared to 15% growth last year. This was explained partly by the firm securing key mandates on panels including BT, Molson Coors and the Crown Commercial Services (CCS) general legal advisory panel.
TLT made it onto the top tier of the CCS panel, worth £320m. Alongside TLT on the top tier are Linklaters, Bond Dickinson, Burges Salmon, DAC Beachcroft, Dentons, DLA Piper, Gowling WLG, Mills & Reeve, Pinsent Masons, Eversheds Sutherland. A consortium consisting of PwC, Howes Percival, Holman Fenwick Willan and Sharpe Pritchard also share the top tier.
Pester stressed the need for the firm to pay particular attention to its clients as they are ‘experiencing the impact of increased political and economic volatility.’
As a result, Pester said the firm’s strategy was focused on ‘targeted investment and innovation, particularly around how we can deliver legal services in the most effective way for our clients.’
TLT currently has over 100 partners and offices in Bristol, London, Manchester, Glasgow, Edinburgh and Belfast. The firm specialises in advising organisations in the energy, financial services, housing, leisure, public sector, retail and TMT sectors.