Top-50 UK firm Burges Salmon has maintained a sixth year of growth increasing turnover 8% to £87.4m in the past year, up from £80.8m in 2014/15.
The firm also lifted profit per equity partner by 7%, up to £523,000, in the financial year ending 30 April. The increase saw PEP break the £500,000 mark, after it grew 11% the previous year to £485,000.
The Bristol-based firm also announced a new strategy last month, narrowing its sector expertise onto seven clear areas: transport, infrastructure, private wealth, real estate, energy, financial services and the public sector.
The firm has had some key client wins in the past 12 months, including a notable appointment to the John Lewis Partnership legal panel, joining Slaughter and May, Dentons and Eversheds.
The growth in turnover also follows more than £40m of investment into the firm’s business and offices since 2010, as well as appointing five new partners in its latest promotion round in March.
Burges Salmon senior partner Alan Barr told Legal Business: ‘We now have our PEP and profitability that greater than ever, we have absorbed all of our investment over that period and our turnover has grown year on year and this is now the most profitable year in the history of the firm.
‘This is real strong growth and growth delivered by the people here. This is the same business year on year improving.’
He added growth in real estate and energy projects had remained strong, as well as in its private client practice. Barr said improvement was still on the cards: ‘Our aim is 5% growth, but that is not an average or a hard and fast goal. That is driven by the desire that we should guarantee we keep rewarding the talent within the firm.’
Earlier this year, fellow Bristol-bred firms also posted strong turnover growth, with TLT announcing its double-digit growth of 15% in May when the firm bolstered turnover to £71.6m. Osborne Clarke saw a massive increase in UK revenues, up 17% from £96.5m to £112.9m.
matthew.field@legalease.co.uk
