Turnover increased by 16% on the same period last year to exceed £5m for the first time in the firm’s history and net profit leapt by more than 50%. Jennie Lewis reports
Liverpool law firm MSB Solicitors has reported its strongest financial results to date for the financial year ending 28 February 2017.
Turnover increased by 16% on the same period last year to exceed £5m for the first time in the firm’s history and net profit leapt by more than 50%.
Innovative measures
The firm has undertaken a number of innovative measures to ensure steady growth in recent years. Capping overheads, utilising existing office space at its South Liverpool sites and responsible staff expansion have all contributed to the increase.
At the beginning of the year, MSB relocated their city centre office to 4 St Paul’s Square and were able to finance the move wholly from money that would otherwise have been spent on dilapidations under their previous lease.
Through careful negotiations, MSB was able to secure a four year rent-free period under their new lease, a deal aided by Mark Worthington of Worthington Owen.
Growing team
MSB also grew its team by almost a third in 2016 and has made a series of strategic and high level appointments this year. The firm now employs more than 100 staff and consultants across its three offices.
Key appointments include Philip Coburn in the firm’s commercial team and Brad Armstrong, who heads up their plot sales team.
Brad, who was appointed to partner in March, works alongside commercial property partner Neil Kelly, and together they have had a significant role in the firm’s financial performance.
The department has gone through a period of accelerated development in recent months having taken on major contracts in both Liverpool and Manchester, appointed three new solicitors and attracted several new clients since the turn of the year, including The Rise in Low Hill.
The Rise is a mixed-use development of residential and student accommodation units based on the edge of Liverpool’s emerging Knowledge Quarter.
Added to a number of key commercial and residential developments in Liverpool city centre, including 8 Water Street, Colonial Chambers and Reliance House – the value of those developments tops £30m and will comprise 300 separate apartments offering the best in city centre living. The firm have also undertaken projects in the Media City area of Salford.
‘Hugely impressed’
Managing partner Paul Bibby says: “I’m hugely impressed with the performance of the entire team at MSB. Contribution to our latest results has been from across the board, with increased revenue in every team.
“The commercial property and plot sales team has performed particularly well and we can boast an impressive portfolio of developers, including X1, Ascot and Signature Living who are all prominent developers and having a significant impact on the changing landscape in Liverpool.
“It goes without saying our people are directly responsible for our increased turnover, and whilst we have grown significantly over the past 18 months, it has been an organic process of recruiting the right people for a growing workload.
“We’ve suffered no departures from the firm and we continue to demonstrate core strengths in our commercial, residential and family departments.
“It is also about keeping a close eye on the figures, and partner Joanne Dalton has, as ever, demonstrated her prowess for keen financial management.
“Joanne’s meticulous forward planning has meant that we are not caught out by trends and can anticipate peaks and troughs in cash flow, which has all contributed to our strongest ever financial results.
“Despite ongoing uncertainty in the UKs political landscape, business confidence in Liverpool and the North West is reported to remain high. Certainly that is true at MSB.”