Law firm reports increase in turnover and profit despite significant new investment

Law firm Howes Percival has once again seen an increase in its turnover and profit according to its most recent financial results.

The turnover of the firm exceeded £21m in the financial year ending May 2019, up 5.1% on the previous year. The firm has also taken the opportunity to make significant investments during this year, which it expects to lead to significant further growth in 2019/20. Nevertheless, it still managed to increase its profit by 4% during 2018/19 and it anticipates that by May 2020 it will have reached its target set in 2014 to increase turnover from £15m to £25m.

The firm’s clients include Government departments, international brands and household names such as Welcome Break, Microsoft and FTSE listed pub operator Marston’s. The firm maintains a strong core client base of SMEs and family-owned businesses, plus high net worth individuals.

2018/19 saw a significant increase in new appointments as Howes Percival added to its expertise in several key areas. Three senior corporate partners Jahid Ali, Oliver Brookshaw and banking specialist Haydon Simmonds, joined the firm in January 2019 from Spearing Waite LLP making Howes Percival’s corporate team the largest in Leicestershire.

The last 12 months has seen two further Government legal panel appointments for Howes Percival. In April 2019, the firm was re-appointed to The Insolvency Service’s £16m legal panel for England, Wales and Scotland, for a further two-year period. Howes Percival has worked for the Insolvency Service for over 20 years and is currently conducting disqualification proceedings relating to the failure of BHS and connected companies.

In September 2018, the firm was appointed to the Government’s Crown Commercial Service (CCS) Full Service panel for England and Wales, as part of a consortium.

Tessa Haskey, Howes Percival’s Chairman commented; “This is another really good set of results for the firm and I’m delighted with the progress we are making.

“This last financial year has been a period of sustained recruitment for Howes Percival. We’ve welcomed a large number of new faces in the last 12 months, boosting the total number of lawyers to over 160 across our six offices. It is a significant investment as we respond to the demands of our clients, strengthen new and well-established offices and boost specific teams.

“We’ve also had considerable success winning more Government work, with three major panel appointments in the last two years. It shows how our national reputation has grown.

“I’m delighted too that we remain a firm that nurtures trainees and develops talent from within. Of the 14 partner and senior promotions we announced last month, over a third were lawyers who started their career with us as trainees.

“We owe our success to the capabilities and hard work of our staff and we are pleased to announce that they will again receive a bonus under our staff bonus scheme.”