TLT has disclosed more details of a record trading year in which income soared 30% to £144m.
In the 12 months to 30 April 2022, the Bristol-headquartered national outfit recorded a profit before members’ remuneration and profit shares of £51.1m, up 26.3% from £40.6m in the the previous 12 months, accounts filed at Companies House show. Cash at bank and in hand climbed from £11.4m to £26.9m, while net assets rose from £17.2m to £58.9m.
The firm revealed last year that profit per equity partner increased by 40% to £844,000. The highest-paid member drew £1,214,000 (2021 £937,000).
During the year the firm repaid £2.3m which it had received in grants under the government’s job retention scheme.
The results came after the firm, which has over 1,000 staff and more than 140 partners, introduced fully flexible working, supported by a multi-million-pound investment in IT platforms and offices.
In a statement, Wood stressed to the Gazette that TLT had hit its £140m income target three years early, adding: ‘Our strategy to 2025, which aims to drive financial growth, focuses on investing into the business to increase resources, develop our local, national and international reach, expand the breadth of service we offer to clients by using the latest technology, whilst also delivering a progressive workplace agenda with market leading sustainability.’
Earlier this week, TLT launched a new human resources consulting service. Wood said this ‘complements our national employment team to help us meet our clients’ complex HR needs. Alongside our legal transformation and data privacy consulting services, it’s another step to think beyond legal and provide the broad range of expertise our clients need to keep a step ahead and be ready for what comes next.’
Another recently launched service is TLT Concierge, an online platform that streamlines workflow between a business unit and its in-house legal function with the view of helping improve business performance.
TLT has taken new offices in Glasgow and Manchester chosen for their sustainability credentials.
Wood added: ‘We’ve also [brought ] on board some of the top legal talent in the UK to further broaden the depth of services offered to clients. These have included the appointment of Mark Thomas as partner in our banking and finance team in London, Nicola Mead-Batten to our UK-wide public law regulatory team, public sector development specialist David Meecham and corporate technology expert Adam Kuan.’
