Record turnover for law firm

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Turnover at Bondholder law firm Freeths has passed the £80m mark for the first time, newly filed accounts have revealed.

The firm has reported a turnover of £80.6m for the year to 31 March 2018, up from £74.7m in the prior 12 months.

The company had previously stated that its turnover had not yet reached the milestone.

Freeth's pre-tax profits also rose in the year from £30.9m to £33.2m.

It said the hike was achieved despite starting the first phase of an IT investment programme which "will continue to have a dampening effect" on profits for the next two years.

A statement signed off by the board, chairman Colin Flanagan said: "After two years of very significant growth, 2017/18 was a year of relative consolidation in which the group moved forward more steadily.

"This is an inevitable part of the business cycle and confirms the sustainability of our progress underpinning a firm platform for the future.

"Delivering excellent service to our clients remains at the core of our business and we always endeavour to listen to our clients to identify their needs and provide pragmatic commercial advice.

"Our commitment to client service is key to our success and we consistently perform ahead of the competition and improve our market share.

"The past period has provided a benign environment for law firms but we maintain our watch on those external factors which for the foreseeable future will result in some uncertainty.

"Whatever challenges arise from this, I am confident in the ability of our outstanding team to rise above them and deliver continuous improvement and success."