Investment pays off as expanding law firm Howes Percival serves up profits
Law firm Howes Percival has seen turnover and profits rise after opening new offices and adding partners.
The results for the year to the end of May 2018 show turnover rose 14% to break the £20m mark, while profits rose by 37%.
It has an office in Bedding Lane in Norwich and five other locations, including new offices in Milton Keynes and Cambridge, which has helped boost turnover from £15m in 2014.
The number of partners has increased from 29 to 42, and last June acquired insolvency practice Summers Nigh Law.
Chairman Tessa Haskey said: “Just over three years ago the management team and the partners agreed a clear strategy for growth which involved investing in new offices, services and expertise. The whole team got behind that plan and we are now seeing the results of the investments we have made, and we expect that growth to continue.”
“As we’ve been investing back into the firm for the last couple of years, we haven’t seen the profit come through in quite the same way until now, but we knew the strategy was working,” she said, adding that the firm would continue to invest.
“We’ve proved in the last couple of years that we can be a match for any firm. We’ve completed a number of really big deals and we’re winning more and more new instructions because of our ability to work as a team across offices and the sheer strength of our talent pool.”
Howes Percival works with government departments, international brands and household names including Welcome Break, Microsoft and pub operator and brewer Marston’s, as well as SMEs and family-owned businesses.
Last March it expanded its government work significantly after being selected for the Crown Commercial Services General Legal Services Panel for central government, in a consortium with PwC and two other law firms, Holman Fenwick Willan LLP and Sharpe Pritchard LLP.