Firm eyes top 30 after record-breaking financial year

National firm Weightmans says it enjoyed the most successful year in its history in 2023/24, with income and profits rising significantly.

The 12 months’ trading to 31 March this year produced income of more than £140m (up 12% on the same period from the year before) and an £18m net profit – a 41% annual rise.

Profit per equity partner was £391,000 for the last financial year.

Six of the firm’s seven key sectors showed double-digit growth in revenues, with the corporate segment growing by 6%. Weightmans said it enjoyed particular commercial success in employment, property litigation, regulatory and specialty insurance.

The overall performance means that all staff will receive a bonus of almost £3,000 each.

John Schorah, managing partner, said the results put the business in a strong position to enter the top 30 of law firms.

The firm now has more than 1,500 people in nine offices in England, Wales and Scotland.

During the year it launched CyXcel – a new cyber consulting business which fuses legal and technical cyber expertise. Rapid growth in the business resulted in it opening in North America in June.

Meanwhile, international firm Kennedys has increased UK revenue by 18% to £192m. The UK accounts for half of the business’ global revenue. The firm did not publish its profit figures.