City firm Forsters saw its revenue grow 8% in the last financial year, while profit per equity partner rose 10% to reach £381,000 in a steady year for the firm.
The private client and real estate specialist saw its top line reach £56.8m, despite a much-cited real estate malaise over London, while revenues from its private wealth practice grew 16%, meaning the practice has grown 110% since 2015. The firm’s family team, meanwhile, also saw a strong level of growth, increasing 26%.
Forsters’ results are likely to capture the attention of the rest of the City, with the firm traditionally the first to post its financial results making it something of a bellwether. The results show a modest improvement in overall revenue growth, up one percentage point on 2017/18, when the City’s beleaguered commercial property market – hit by Brexit and stamp duty land tax – made its presence felt and Forsters only managed 7% growth despite a 12% increase in lawyers. Despite the slight uptick, this year’s growth rate is below what the firm recorded in 2017, when revenues were up 9%, bringing to an end six consecutive years of double-digit increases .
Commenting on the results, managing partner Paul Roberts said: ‘After a solid performance in 2018/19 we look forward to the challenge of continuing to grow the business in 2019/20. Our results owe much to a very strong showing in our private wealth practice and a resilient performance from our real estate practice in a market that is nowhere near where it was a few years ago.’
thomas.alan@legalbusiness.co.uk