Thrings reports double-digit rise in turnover
Strong showings from its Corporate, Commercial Property, Agriculture and Company Commercial teams has led to double-digit growth for Top 100 law firm Thrings, the company announced this morning (Monday).
All four experienced substantial growth as activity on behalf of clients, including Watson Petroleum, Intrinsic Financial Services, Greene King, Coty and the NFU, returned to pre-recession levels.
Ongoing investment in clients and staff, advising domestic and international clients on significant corporate transactions and sustained organic growth have combined to deliver an 18-per-cent increase in turnover to £25m for the year ending 30 April 2014.
The firm – which has offices in Swindon and Marlborough – has also continued to place clients at the core of its strategy – an approach acknowledged by leading industry journal The Lawyer which in June named senior corporate partner, John Davies, as its Client Partner of the Year.
Managing partner Simon Holdsworth said: “These results confirm it has been a strong year for Thrings and we are seeing the impact of our investment in clients during the economic downturn. Our focus has remained on improving how we deliver services, and as a result, the firm is on a strong financial footing.
“Rather than pursuing a proactive merger strategy, we have enjoyed high levels of organic growth. Our lawyers are entrepreneurially-minded, and have been able to offer more commercial services to long-term clients due to the depth of understanding they have of their businesses.”
Despite Thrings already enjoying further growth of 12 per cent in the current financial year, Holdsworth accepts that the fast-changing legal landscape – led by government reforms – will continue to challenge law firms across the country.
He said: “The Legal Services Act has created more competition among law firms, with clients increasingly inclined to shop around for the most competitive legal costs.
“The results of our recent client survey highlight how clients want more choice, more flexibility and more transparency, and how they don’t want any surprises when it comes to fees. In response to this, we are offering bespoke pricing options which closely reflect clients’ specific needs and represent genuine value.
“Our healthy financial figures have shown us that whether we are acting on behalf of a sole trader or a multi-national corporation, our focus remains on fostering strong, long-term relationships with clients and providing them with affordable first-class legal advice.”