Newspaper article The Journal (Newcastle, England)

Law Firm Grows Revenue for Third Year in a Row

Newspaper article The Journal (Newcastle, England)

Law Firm Grows Revenue for Third Year in a Row

Article excerpt

Byline: Iain Laing

THE North East's second biggest law firm, Ward Hadaway, has seen revenues rise for the third year in a row. The Newcastle firm has posted a 2.5% rise in turnover to pounds 28.4m in the year to the end of April 2011; profits were flat at pounds 8.25m.

Ward Hadaway, which has nearly 400 staff, said it was "cautiously optimistic" about the next year after growing turnover from pounds 27.6m in 2009/10 and pounds 26.6m in 2008/9. It is now up on its pre-recession 2007/8 turnover of pounds 28m.

Managing partner Jamie Martin said its corporate finance division had performed well despite the economic environment and that the firm has grown its business in Manchester and Leeds.

"This is a terrific performance from everyone at the firm," he said. "Increase in turnover at a time of great economic uncertainty is a real achievement and is a tribute to the hard work, dedication and talents of our people, and the confidence and loyalty of our clients.

"In common with the rest of the professional services sector, we have faced some stiff challenges in recent years as the financial crisis and the recession hit home.

"Whilst it is still too early to say that the economy has turned the corner, we are very encouraged by the excellent results of the last financial year and look forward to the future with confidence."

The firm is the first of the major players in the region to report for the last year and both the largest, Newcastle-based Dickinson Dees, and third biggest, Newcastle-based Watson Burton, are unlikely to post big increases to their business this year.

Dickinson Dees' results for its 2009-10 financial year showed a 5% fall in revenues to pounds 48.8m, although profits increased to pounds 13m. Recent results from the biggest national firms have not given cause for great optimism.

Eversheds reported flat revenues and DLA Piper, a 1% rise in revenues. …

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