Weightmans announces financial results
National law firm Weightmans has announced its financial results for the 21/22 financial year as it awards £1.5m in bonuses to its people.
Total income increased by 5% to £103.2m. Net profit increased by 25% from £9m to £11.3m in the 12-month period, after making the £1.5m bonus award.
Despite making a number further investments in the year including the acquisition of new technology tools such as Matterlabs, the firm’s net cash position remained positive and its balance sheet became even stronger.
It has been a year of significant organic growth in both the Litigation, Transactions and Advisory division and Claims division. Within those divisions, Corporate and commercial, real estate, casualty, healthcare, and litigation all recorded seven figure growth. A number of the firm’s key markets grew - 31% in Built Environment, 16% in Public Bodies, 9% in services to Owner Managed Business and 7% in services to Individuals.
The year saw a wave of new talent arrive at the firm as it was awarded Top Employer status for the fifteenth time. Twelve were welcomed to the Partnership from departments such as Family, Employment and Healthcare and the Finance team hailed its first partner promotion, in what was a record number ever promoted in one round.
The firm’s commitment to corporate responsibility was reinforced by the appointment of a dedicated ESG Manager in February, and technology continued to be a key focus as Director of Business Services Stuart Whittle was promoted to Chief Innovation and Technology Officer and Innovation Manager Catriona Wolfenden became Product and Innovation Director.
In January, the firm announced it was in merger negotiations with law firm RadcliffesLeBrasseur. The merger was finalised in June 2022 and the firms have combined under the Weightmans LLP name.
Weightmans Managing Partner John Schorah said:
“It has been a strong year for Weightmans, not just in terms of financial success but in the positive progress we have made towards our goals of being the most responsible business and best employer possible.
“The figures show that we have been able to recover from the impact of the covid pandemic, thanks to the hard work of our people and the support of our clients to whom we are incredibly grateful.
“The merger with RadcliffesLeBrasseur will contribute significantly to the depth and breadth of services we offer to clients across the UK and we are excited by what we can achieve together in the coming months.
The firm’s foot print and presence has strengthened nationally, we now have a very significant presence in London and in all our client markets we are major players.
"We remain ambitious and focused on the future as we continue to innovate, diversify and invest in our people and processes to ensure we are delivering market leading insight and the high standard of service we are known for.”