Hill Dickinson reports 12% rise in turnover
Law firm, Hill Dickinson LLP, has reported fee income of £82.0m for the 2008/09 financial year, representing a rise of 12% from last year's revenue of £73.05m.
The Manchester office performed strongly with income up 22.5% from £11.7m to £14.3m. All practice groups saw income rise apart from corporate and commercial property practices, which saw reductions in fee income, reflecting the difficult climate in the second half of the year. However, the Liverpool property team did buck the national trend by reporting growth.
Further areas of growth across key practice groups included:
- Insurance 16%
- Professional risk 13%
- Healthcare 11%
- Marine 4%
- Commercial 2.4%
Notable growth of specialist sectors within these practice groups includes:
- Fraud 14%
- Retail and niche Insurance 18%
- Claimant insurance 51%
- Motor claims solutions and casualty claims solutions (one liability services) 34%
- Professional risks 13%
- Commerce and technology 10%
- Commercial litigation approximately 20% (including debt recovery)
- Private client 14%
- Shipping North West 22%
Peter Jackson, managing partner, said: "In what has undoubtedly been a year of difficult economic trading conditions for many businesses, we are encouraged by our continued growth across most practice areas, some of which have seen record results."
Profit per equity partner dipped 6% to £294,000, which Jackson said was a realistic outcome for the financial year, given the current climate and the firm's consistent programme of investment.
He added: "Despite this, we have maintained a pattern of growth – which is in no small part down to the continued commitment and hard work of the Hill Dickinson team across all offices and practice groups – and have made a number of significant acquisitions and lateral hires, which have represented significant investment into the future success of the firm. This has also been our first full year of trading out of our state-of-the-art HQ at St Paul's Square in Liverpool."
In March this year Hill Dickinson launched its Singapore office, headed by partner Tony Goldsmith, which has already grown to four fee-earners and support staff and secured a major shipping instruction in the Asia Pacific area on the day of opening.
In May the firm announced its merger with 40-strong London law firm, Middleton Potts, in a move that has created a major boost to the firm's commodities expertise.
In February Hill Dickinson secured the arrival of Cooper Kenyon Burrow's special regulatory team, headed up by Michael Kenyon.
In addition, the firm has continued to invest in senior lateral hires, particularly in its Manchester and London offices, and has also taken further space in its Piraeus office.
Jackson concluded: "Against the difficult economic climate in the past 12 months, we have continued to reinvest in the firm and to focus unswervingly on client satisfaction, which is of utmost importance in times like these. Commitment to client service will continue to form the cornerstone of our business strategy."
