Liverpool law firm Weightmans sees annual revenues rise 20% to £123.5m with more than 200 partners sharing a profits pot of £36m. Tony McDonough reports
Liverpool law firm Weightmans is reporting a big rise in revenues in a financial year when it swallowed up a London law firm that dates back to the 1850s.
Weightmans, which has its headquarters in Old Hall Street and offices across the UK, has just filed its financial accounts for the 12 months to April 30, 2023 on Companies House. They show revenues up just over 20% to £123.5m.
Pre-tax profits for the year also rose to £36.7m from £30.7m in the previous year. This means 221 partners at the firm will share a pot totalling just over £36m. The highest paid partner will receive £365,000.
In June 2022, Weightmans completed what it described as a “merger” with London-based law firm RadcliffesLeBrasseur (RLB), which started life as Edwards and Radcliffe in Westminster in London in the 1850s.
However, the deal was effectively a takeover with Weightmans’ £100m-plus turnover dwarfing that of the £17m recorded by RLB at the time of the deal. It saw 114 staff join Weightmans existing 1,200-plus workforce.
As well as its Liverpool headquarters, Weightmans has offices in Birmingham, Cardiff, Glasgow, Leeds, Leicester, London, Manchester and Newcastle. The RLB takeover beefed up its presence in London, Leeds and Cardiff.
In its annual report Weightmans said: “This was a significant year for the business with our merger and full integration with RLB in June 2022. As a result of the merger, we moved to a seven segment approach in how we face out to our clients and markets.”
Those segments are built environment, corporate, health, insurance, owner-managed businesses, individuals and public bodies. It said market share has grown in all its client segments.
“This year has seen us cement our growth with 10% organic growth from the legacy Weightmans business and a further 10% from the integration of the RLB business.”
Weightmans is one of a number of Liverpool law firms to have reported their financial results in recent weeks. Last week Brabners reported revenues of £46.8m days after Hill Dickinson revealed a figure of £129.6m.
In December LBN revealed MSB Solicitors was set to break through the £10m revenue barrier for the first time in its history as it looks to expand in Manchester and open its first Chester office.