Law firm Slater and Gordon has cut 150 positions whilst returning to profitability during its most recent financial year, new filings have disclosed.
The Manchester-based business recorded a pre-tax profit of £5.9m for 2024, according to fresh accounts lodged with Companies House, as reported by .
The profit marks a turnaround from the pre-tax loss of £2.9m suffered in the preceding 12-month period.
The latest accounts for Slater and Gordon also reveal that º£½ÇÊÓƵ staff numbers dropped during the year from 1,038 to 888.
The firm's return to profitability occurred despite revenue declining in 2024 from £78.1m to £72.6m.
Slater and Gordon stated it witnessed "significant progress" during the year and that whilst turnover decreased, operating profit surged "reflecting our ongoing strategy of repositioning the business to focus on higher value, more complex legal services and investing in group actions."
In the year prior to recording a pre-tax loss, the company had delivered a pre-tax profit of £14.4m.
Slater and Gordon banking on new strategy
The results follow the company securing £30m in fresh equity from existing shareholders in May this year. A statement approved by the board read: "During 2024 we continued to focus on our strategy of providing legal services to consumers that require more involved legal input and expertise, as part of our commitment to being a leading consumer law firm, providing access to justice to those in need of representation.
"As part of this strategy we are investing in our capabilities to bring larger scale representation for individuals and consumers with common or related issues in the form of group action orders or equivalent."
Slater and Gordon boasts º£½ÇÊÓƵ offices in Birmingham, Brighton, Cardiff, Cambridge, Edinburgh, Knutsford, Liverpool, London, Manchester, Newcastle, Sheffield and on the Wirral.
