Law firm TLT has announced sustained financial growth in its latest company results.
The Bristol-headquartered firm said that revenue was up by 9% exceeding £157m up from £144m in 2021/2022. The firm attributed its strong financial growth to its strategic vision towards 2025, which is underpinned by a focus on developing the firm’s key sectors, delivering a people-first workplace agenda, achieving sustainability targets and developing solutions to meet client needs.
TLT said growth across its focus sectors drove the revenue increase with "major" projects for central and local government, as well as acting as an advisor for financial services clients and supporting future energy initiatives.
The firm attributed its financial success to its continued investment in its people and the environment, spearheaded by the launch of TLT World, the firm’s flexible approach to working, in 2021. The initiative is supported by multi-million-pound investment into tech platforms and offices.
The initiative has contributed to improving diversity in senior positions at the firm with women now making up 33% of partner roles and women accounting for over 50% of partner promotions and hires in the past three years.
Read more: Estate agent group sees profits in rental market soar
In addition, the firm has also made an effort to widen access to the legal sector and provide dedicated learning and development opportunities through the introduction of a new apprenticeship pathways to qualify solicitors and launch of a joint training contract programme with Barclays and Simmons & Simmons.
John Wood, managing partner at TLT said: “We’re pleased to share the results of another year of significant financial growth. A 9% growth in revenue is a strong result in any year, but 9% following a year of 30% growth is outstanding and comes as a direct result of the talents and dedication of all my colleagues at TLT - something we’re rightly proud of.
Most Read
“Following what has been another year of economic uncertainty, the firm has continued to grow and expand its offering by welcoming fantastic new legal and business talent. We have also doubled down on our investment to create a flexible, progressive and inclusive workplace introducing initiatives to support the individual needs of each colleague, allowing them to deliver a best-in-class service to clients."
The firm’s sustained financial growth has also been tied to its development and implementation of a sustainability strategy plus TLT's FutureLaw programme, which uses the latest technology to deliver new products and services. The firm has also advised on some of the largest future energy projects in the country during the past year and was ranked as the second most active adviser in the world.
Mr Wood continued: “Like many in the legal sector we saw a drop in operating profit this year following the exceptional set of results in 2021/2022 and the subsequent impact of inflationary pressures. Even though operating profit reduced from the spike in 2022, it remained higher than in 2021. We have continued to make material investments in our people and our sustainability initiatives including our move to market leading sustainable offices in Glasgow and Manchester, along with our pledge to science-based targets. It is in more challenging economic times when you find out who is really committed to making a change.”
Why not sign up to get the latest South West business news straight to your inbox.