‘Bolt-on’ policy paying off as Shulmans sees turnover rise

COMMERCIAL law firm Shulmans yesterday revealed that its policy of developing “bolt-on specialisms” was paying off, as it delivered a rise in full-year turnover despite the global economic turmoil.

The firm’s chairman, Jeremy Shulman, said the firm had made significant strides towards reaching its growth target of 50 per cent by 2015.

Since Shulmans wrote its growth plan in November 2010, the firm has seen fee income increase by 23.1 per cent to around £6.2m, and staff numbers have grown by almost 15 per cent to 109.

Hide Ad
Hide Ad

The Leeds-based law firm had to reduce its headcount by a third during the financial crisis, but it is now hiring again at all levels.

Ms Shulman said that at least 13 of the firm’s appointments last year were fee earners.

Last year also saw the introduction of the Legal Services Act, which allows non-lawyers to invest in and own legal practices.

Mr Shulman said: “The much mooted ‘Tesco-isation’ of the law, with the introduction of ABS (alternative business structures), has made legal firms look closely at what they must do to survive and prosper.

Hide Ad
Hide Ad

“Repositioning is one way forward, with some firms favouring mergers. Ultimately, all forms of repositioning can be drivers for growth in a slow economy, where mergers require a careful examination of all the potential challenges.”

He added: “So far, we’ve chosen a different path than merger; that of holding firm in the areas where we are strong and developing new, niche areas that respond to a particular client need. I’m confident that the firm is a real force in the region as we more than hold our own in difficult market conditions.”

Mr Shulman said that the firm’s corporate finance team was advising clients who operate within the financial services sector on issues such as the operation of unregulated collective investment schemes, and compliance with financial promotions rules.

He added: “These clients require highly specific and informed advice and we have recruited accordingly,”

Hide Ad
Hide Ad

He added: “A particular growth area in this division is our work with clients seeking to conduct business within the financial services sector for the first time, we have helped them in obtaining authorisation from the Financial Services Authority (FSA).”

The firm’s intellectual property experts have also handled a growing number of enquiries as companies seek to protect their assets in a flat market.

The firm’s international team has also seen a steady rise in its workload. Mr Shulman said: “Manufacturing is picking up slightly and the pound, while strengthening somewhat against the euro, is still unresponsive to the dollar. Against this background our international workload has escalated, often due to inward investment.”

Although Mr Shulman said he was “not a double dip man”, he warned that the uncertainty over the state of Europe’s economy would affect the firm’s clients and its activity. He added: “The UK economy will slowly show an increase in GDP growth.”

Mr Shulman founded Shulmans, which is based in Wellington Street, Leeds, in 1981.

Related topics: