A Liverpool-headquartered law firm is hoping to double its turnover by 2025, with plans for expansion through organic growth, lateral hires and acquisitions.
Gregory Abrams Davidson Legal (GAD Legal) is to grow its commercial division in Liverpool and London as the firm looks to increase turnover to £8m before its 45th anniversary in four years' time.
The firm, which has a turnover of £4m and employs 45 people at its five offices, has seen demand increase for its commercial services over the past 18-months.
The firm said demand for its commercial services was fuelled by a rise in merger and acquisition work, specialist social housing advisory services, and a sharp increase in companies needing advice about developing, acquiring, and selling e-commerce operations.
Brexit also influenced the commercial division’s revenue growth, with its specialist US Legal team witnessing strong demand.
Jonathan Abrams, director of business services, commented on the firm’s growth plans.
He said: “While 2020 paused our initial growth plans, demand for our commercial services remained strong with specific service lines seeing decent growth. These factors helped us decide to rebrand the business division as GAD Commercial in 2021.
"With Brexit, many clients large or small have been looking to start and expand operations in America, so our US Legal Services team were, and still are, in strong demand.
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"Lockdown also prompted an increase in take-up for commercial, legal and compliance guidance to e-commerce business owners which has also fuelled additional growth.
"As people continually reflect and adapt to changes in work-life balance, many entrepreneurs are viewing the low barriers to entry of e-commerce and distance selling as achievable business opportunities and we are forecasting that this area will continue to grow significantly.”
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In early 2020, the firm also recruited Mark Alexander from international firm BLM Law to head the real estate team and grow the department following retirement of former partner Barry Davidson.
Mr Abrams added: “Mark’s arrival helped drive fee income which saw the team advise on commercial property projects including a number of significant developments with a gross developed value more than £50 million over the past 12 months.
"As a result, we’re looking to increase headcount in Real Estate team.
"2021 has provided us with cautious optimism and with the easing of lockdown restrictions, we’ve certainly seen an increase in businesses needing expert advice.
"As a team, having doubled corporate and commercial business over the past five years, we’re extremely confident we can achieve our gross fee’s goal of £8 million in time to celebrate our 45th anniversary.”