‘We want to be a top 50 law firm. We have the trappings, but we’re not quite there yet.’ So said TLT managing partner David Pester to Legal Business three years ago. This year that ambition has been realised, with the Bristol-based law firm entering the top 50 for the first time.
TLT continued its strong growth trajectory in 2015/16, posting a 15% increase in turnover to £71.6m while profit per equity partner (PEP) was up 10% to £253,000. Overall, the firm has grown in turnover 65% from £43.3m over the last five years, particularly impressive considering the firm’s place in the squeezed national mid-market.
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National player Bond Dickinson had a disappointing year financially, with turnover down 3% to £104m, while profit per equity partner (PEP) has also dropped 3% to £275,000, a stark contrast to the firm’s performance in last year’s Legal Business 100, where PEP soared 26% to £284,000 and turnover climbed 8% to £107m. Blaming the results on a harder mid-market and significant IT investment, managing partner Jonathan Blair says that despite the tougher conditions, real estate, private client and transport all performed particularly well.
‘Real estate was strong for us – on the operational property side, on the investor side, on the house building side,’ he says. ‘Private wealth has always been an area for us that has been very reliable. It seems to be able to withstand the vagaries you get in litigation, which tends to be counter cyclical, or M&A activity or any transactional activity. Private wealth is always pretty strong – we have grown that and worked hard on it.’
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