Revenue has increased to record levels at Newcastle law firm Ward Hadaway thanks to growth across its offices in the North of England.
Newly published accounts for the firm, which also has bases in Leeds and Manchester, show revenue was boosted 7% to £48.1m in the year to the end of April 2024. At the same time, operating profits dipped only slightly from £17.28m to £17.19m and profits before members' remuneration and profit shares remained broadly unchanged at £17.2m.
Ward Hadaway has talked of its ambition to top £100m turnover by 2034 and managing partner Steven Petrie, who took up the leading role in April last year, reaffirmed those plans. He said: "These financial results from 2023-24 represent a really strong foundation on which to build, as we strive to realise our ambitious long-term growth plans, remaining independent and increasing our turnover by over 50% in the next five years and achieving £100m by 2034. It's really encouraging to see the positive impact our strategic investments are already having on our business, including our ability to attract, recruit, retain and engage excellent people to the firm."
The full service firm said that it had focused on making key hires and developing its workforce, including the addition of eight new partners. In May last year, Nick Gholkar was appointed executive partner of the Newcastle office to work alongside Emma Digby and Liz Bottrill in their equivalent roles in the Leeds and Manchester offices.
During 2024 headcount at the firm increased by more than 100. That number included the recruitment of 14 new trainee solicitors and one solicitor apprentice across its offices, making the business 500-people strong. Retention of the newly qualified lawyers was said to have brought organic growth.
Mr Petrie added: "We provide an environment where individuals can excel at every level, offering guidance, growth opportunities and the tools to fulfil their full potential. Our people are fundamental to our success. We are well-positioned to build on what we have already achieved and to deliver on our ambitious growth objectives."
Elsewhere in the accounts, Mr Petrie repeated comments made at the time of his appointment last year about work to adapt to the challenges of the "rapidly changing" legal market. Ward Hadaway said it had made significant investments in technology and set up an innovation-focussed team, made up of staff from all parts of the business, to look at the role of artificial intelligence in delivering legal services.
The firm, which is in the process of refurbishing its Newcastle Quayside offices, also talked of efforts to reduce its carbon impact as well as contributions made to more than 50 charities and its efforts to focus on diversity, inclusion and wellbeing.
