UK Listed law firm Knights has lifted its revenues which has seen turnover up by almost 30 per cent on its 2020 turnover.
The Midlands-headquartered legal and professional services group has seen revenues rise and a return to profit for the six months to October 31 2021.
The firm turned over almost £60m during the first half of its financial year – up by 29 per cent on 2020, while it turned a loss of £1.1m into a profit of £800,000 during the period.
Knights made four acquisitions during 2021 including Keebles and Mundys in Yorkshire, while it entered the north-east market after snapping up Archers in Teesside.
Law firms in the UK are allowed to list on the stock market as a result of the Legal Services Act 2007, which removed the rule preventing non-lawyers from owning law firms. The Act came into force in 2010 and a range of firms have taken advantage of the opportunity to list themselves on the stock exchange.
Knights says it aim of recruiting talent from its rivals is paying off, with “continued strong momentum” in the recruitment of professionals from other top 50 law firms.
David Beech, CEO of Knights, said: “We have delivered another strong period of profitable, cash generative growth, with our increased scale and national reputation as a premium provider attracting high calibre talent, quality work and acquisition targets across the regions.
“An increasing proportion of our new recruits are joining us from Top 50 law firms and we are actively reviewing a growing pipeline of acquisitions. Despite our recent organic growth and acquisitions, we have maintained our industry leading levels of debtor days, which is testament to the strength of our integration process and strong culture of cash collection.
“Our outlook for the medium term is positive with recruitment supporting good levels of organic growth, and with further acquisition opportunities. We continue to build on the critical mass we achieved last year, further cementing the strong position we have built in key markets for legal services outside London.”