Partner profits have more than doubled at Kingsley Napley, which the firm today hailed as vindication of a two-year investment programme.
Turnover climbed 17% to a record £71.8m in the 12 months to 30 April, while total profit rose 56% to £22.5m. Profit per equity partner came in at £466,000.
In 2022-23 the firm posted PEP of £225,000, down one-third on the prior year.
In 2021 the firm embarked on a growth strategy which involved investment in a new London office and partner hires, depressing short-term profits. Managing partner Linda Woolley said today: ‘This year’s tremendous results have exceeded our forecasts and show our strategy is working. We saw increased revenues in all areas of our business in the last financial year. Our criminal litigation, dispute resolution, immigration, family & divorce, public law and regulatory practice areas performed particularly well.
’We have broadened our service offering in the last 18 months adding new capabilities in tax, IP disputes and international arbitration, for example. Our new restructuring & insolvency team has been a notably strong revenue contributor already. I am confident we will continue on a positive trajectory with the new Labour government expected to usher in a busy period of activity for our corporate, government and HNW clients.’
The firm is targeting annualised revenue of £73.5m in the current year, with no further major partner hires or practice area expansion planned.
