National law firm Stephensons Solicitors LLP has announced its highest turnover to date, in its latest set of annual accounts for 
2013/14.
The law firm, which has offices in Manchester, London, Altrincham, Bolton, Wigan, St Helens and Leigh, posted a turnover of £17,691,704 for the last financial year, with profits of £4,562,733. The figures were up by 8.3% and 5.1% respectively on the 2012/13 results.
Andrew Welch, managing partner of Stephensons, said: “The firm provides a wide range of legal services to businesses and individuals but is not overly reliant on one source or legal sector; a conscious decision to minimise our risk. The legal sector has experienced many challenges and changes. Not least the removal of legal aid in some areas of law, as well as new entrants to the market, a lot of consolidation/mergers and the decline of some high street practices.
“Against this backdrop, we’re incredibly proud of our growth over the last five years, with turnover up by 40% and profits up by 86% in a five year period. This year we have continued along our path of overall growth. The underlying profitability of the firm is strong and fee income has risen considerably in areas such as Family, Residential and Probate.
“The partners agreed a strategy to give the firm a strong infrastructure and platform to create expansion and longevity to survive the challenges and continue to be competitive. This year, we have implemented a 12-month programme of upgrades to our existing offices, involving several office relocations and improvements to existing offices.”
The top 150 law firm (ranked in The Lawyer 200 in 2013) is making the investment in its premises following a period of extensive growth and research into how customers are accessing legal services. New office space has been acquired in Hammersmith, Altrincham, Wigan and shortly in Manchester while investment has gone into an upgrade to the firm’s IT infrastructure.
The firm has implemented fixed fees across most departments, as well as investing in its website to attract new clients online. At the same time, staff numbers have increased from 380 to 470 in the last 12 months.
Andrew added: “The drivers behind these developments are recognition that our customers are no longer accessing legal services just by calling into high street offices, but are using the internet, telephone, email and other means. The internet is a strong source of work for Stephensons; we are able to act for clients at a distance without compromising the service they receive. These initiatives are all geared towards helping Stephensons develop further into a nationally recognised law firm.”
ENDS
Photo caption: Andrew Welch, Stephensons managing partner
About Stephensons
- Stephensons is an award-winning top 150 law firm, with a turnover of almost £18million and more than 400 staff based in ten offices across the country.
- Stephensons is a multi-service firm providing legal services to individuals, businesses and government organisations.
Media information
Lianne Tracey, PR Manager
Stephensons Solicitors LLP
Email: lct@stephensons.co.uk