Napthens celebrates 18% increase in revenue
North West law firm Napthens is celebrating another strong financial year, as revenues hits £17.6m in its latest financial year, an 18% increase on FY21.
The firm, which has offices in Preston, Liverpool, the Fylde Coast, Cumbria, Southport and Blackburn, has seen revenue growth across all its core service lines, including real estate and employment, with its corporate, litigation, private client and residential conveyancing teams each recording double digit increases.
Napthens’ corporate team led the way, as revenues grew a considerable 44%. It follows a memorable year for advisory work of 50 transactions valued collectively at more than £600m, ahead of the 32 transactions it completed in 2020 and 28 in 2019. Highlights from the past 12 months include Bosch Building Technologies’ acquisition of Lancashire fire safety firm Protec Fire and Security Group, JD Sports Fashion’s acquisition of Wheelbase Lakeland, and the acquisition of North West cleanroom provider Connect 2 Cleanrooms by US-based Angstrom.
Residential conveyancing saw similar success with a 23% revenue increase amidst a boom in the residential property market over the past two years. As well as greater demand for its services, the practice formed new relationships with over 30 estate agents and brokers and doubled its headcount at Napthens’ Southport office, where turnover climbed 89% year-on-year.
Outside of its commercial work, Napthens’ private client team – that provides personal legal advice on matters such as divorce, wills and estate planning, and probate – increased revenues by 17%. The dispute management team saw a 14% increase, as it continued to focus on specialisms such as commercial property litigation and inheritance disputes.
The strong financial results follow a series of milestones for the firm, as it made a flurry of senior hires, doubled the size of its Liverpool practice and partnered with a licensing consultancy, Licensing Matters.
Alexandra Hatchman, CEO at Napthens, said: “In my first four months with the firm, I have seen people from every department go above and beyond to develop meaningful relationships with clients and each other. Although revenue only tells a part of the story, it certainly reflects the hard work and dedication of the Napthens team.
“I’ve no doubt we will continue to see more success in the years ahead, as we get even closer to our clients and continue to adapt the way we work to support them. We’ve seen a real desire for innovation – our clients want to engage with the law and their advisors in different ways and we’re already embracing this feedback and innovating to continue to provide the best service.”
Keith Melling, Partner and Head of Corporate at Napthens, said: “Going into this year we knew from the off it was going to be a special one. Even as the M&A market boom from late 2020 through to mid-2021 subsided, demand for our services did not, and that is reflected by these figures. We have always sought to be more than just legal counsel – and instead a genuine partner focused on securing the best possible results for our clients.”