LANGLEYS Solicitors yesterday revealed that it had received a number of merger approaches over the last year, as the business went “from strength to strength”.
The law firm also disclosed yesterday that its revenues over the last 12 months rose by 7.31 per cent to £20.16m year on year. Profits per equity partner rose eight per cent to £273,000.
Langleys aims to become a top 100 law firm within the next two years.
David Thompson, Langley’s managing partner, said yesterday: “We were approached by a national practice last year with whom we have had merger discussions.
“We have also received several other approaches, although none of the discussions have lead to a substantive conclusion.
“We will continue to look for merger opportunities, although our primary objective is to achieve profitable growth through organic expansion in key areas.”
Mr Thompson has previously stated that “for us merger is a strategy, it’s not something we’re looking at as a remedy”.
Altogether, the company employs 376 staff across its offices in York and Lincoln. Mr Thompson said that Langleys was experiencing a strong start to the current financial year. It is also investing in the refurbishment of its York base – Queens House in Micklegate. The law firm’s clients include Severfield, First Group, Newcastle City Council, Indesit, Brit Global Speciality and UPS.
Mr Thompson added: “We have performed extremely well in tough market conditions, and amid the continued diversification of the UK legal sector.
“Our revenue growth is testament to the Langleys business delivering consistently high quality, professional legal services to established and new clients.
“I’m confident we will continue to perform well in the coming months, meeting the firm’s strategic objectives to achieve success.”
Mr Thompson said Langleys had brought in a number of lateral hires to help it grow.
According to Mr Thompson, Langleys hadn’t seen a huge impact from the introduction of Alternative Business Structures - or ABS - but the firm was not complacent. ABS was introduced as part of the Legal Services Act, which allows outsiders to take equity stakes in law firms for the first time, creating major opportunities for expansion.