Law firm Howes Percival’s turnover increased 19% in 2023, according to its latest annual results. The result follows a period of sustained growth, with turnover now up 33% over the last three years.
The firm, based on Hills Road in Cambridge, has seen turnover increase from £23.6m in 2020, to £31.3m this year.
The growth has been across all offices and all practice areas with Corporate, Commercial and Banking turnover up 74% in three years, Employment Law 23%, Property 25%, Litigation 31% and Private Client 15%.
In August, Howes Percival confirmed it had created 50 new roles in the last two years to meet increased demand for its services.
Over the next two years, the firm plans to continue recruiting across all six offices, creating a further 50 additional new roles, including partners, solicitors and support roles. Support roles include accounts, IT and HR/People functions while the firm will be recruiting fee earners across all areas of the business.
Howes Percival Chief Financial Officer, Fayaz Sattar said, “This is a fantastic result, and I am pleased with our performance over the last financial year, given the wider economic situation in the UK. We had been targeting a figure just over £28m in 2023, so to have exceeded our plan quite significantly is testament to the efforts of the entire team.”
“Looking forward our core markets are holding up well and have remained resilient, despite inflation in general and the economy as a whole. We obviously can’t control the wider economic factors, but we can ensure that we are a well-diversified firm, investing in our fee earner expertise, IT and back-office infrastructure to continue to provide the most competitive and attractive offer we can to clients.”
Howes Percival Chairperson, Geraint Davies continues, “We really are thrilled with this result given the unprecedented economic times we are in. Everyone has worked incredible hard so it is great to see the results reflect this.
“We are continuing to take market share in all our locations and there is real momentum behind the firm at the moment. We will be investing further through 2024/25, in our people and in the business itself, to meet the client demand we are seeing and deliver further growth.
“Our strategy has been to invest in our teams and the business as a whole for a number of years now, and without doubt, we are seeing the results of that plan. Our people are central to everything we do.
“We want to be a firm that attracts the best talent and is seen as the place to nurture and develop your career from trainees through to partners and at every level for our non-fee earner teams. We have that infrastructure in place now and it is one of the key reasons we are performing so well as a business.”
