For the seventh year in a row Liverpool law firm Bermans has reported record revenues with asset finance and corporate performing strongly. Tony McDonough reports
Liverpool law firm Bermans has announced record revenues for the seventh consecutive year.
Based in Exchange Station in Liverpool, Bermans also operates from an office in Manchester. For the year to June 30, 2021, the firm saw turnover increase to £7.85m from £7.4m last year.
Its asset and invoice finance teams saw strong growth. It acted for a selective invoice finance provider in its £20m refinancing with a US investment fund and the successful conclusion of a decade long litigation claim which leading to a recovery in the millions of dollars from an elusive personal guarantor on behalf of a US invoice financier.
The corporate team, led by Jon Davage, posted record results with a 40% increase in fee income and has worked on deals with a value in excess of £150m. They included Toscafund`s $25m investment in Voxsmart, the sale of Mission Labs to Gamma for £46M, a £4m equity investment by Mobeus into Connect Software Group and the sale of Butterworth Spengler to JM Glendinning Insurance Brokers.
A key part of the team’s growth has been a sustained focus on the TMT sector, cross border M&A and private equity transactions. The team expects a continued high level of activity given the anticipated increase in Capital Gains Tax to assist with meeting the demands on the public purse caused by the Government intervention in the economy.
Its employment team also saw record turnover in 2020/2021. The team has also now launched a specialist business immigration service to assist clients with the new post-Brexit rules which came into force at the start of this year. The property team has also had a very busy year and has seen its turnover increase from £1.1m to £1.3m.
Chris McDonough has retired from the business after heading Bermans commercial contracts team since joining in 2014. Stephen Green joined the firm on June 1 from Knights to head up the commercial offering as his replacement.
Also arriving in the last 12 months is David Keenan, who joined Gareth Farrelly in the sports law team and the forthcoming launch of a dedicated microsite and listing on Law in Sport platform.
Fergal O’Cleirigh, Bermans senior partner , said: “It has been a really challenging year for all businesses for obvious reasons and we are delighted with the end of year outcome given that backdrop.
“We have continued to attract new clients by virtue of our networking efforts over the years before the pandemic and also by ensuring we have kept in contact with the business community by way of webinars, many of which have been run in conjunction with our key introducers.”