Legal firm resists market pressures to target growth

Newtons Solicitors had a bumper 2014, with the acquisition of Thorp Parker LLP, Stokesley, opening of a new office in Ilkely and continuing recruitment.

The firm also revealed that the turnover had increased and they expected a further increase over the next year.

A total of ten new solicitors and 13 support staff were also recruited by the Knaresborough-based law firm, taking its total workforce to 70 just five years after it was founded by husband-and-wife legal entrepreneurs, Chris and Sarah Newton, from their Harrogate home in 2009.

Looking to the year ahead Mr Newton, managing director, told The Yorkshire Post: “I would like to see my role change and reduce the amount of lawyering that I do and concentrating on growing the business.”

Mr Newton said that he believes there is a real demand for local lawyers from local people and attributes that as a reason for Newtons continued success.

Despite this he is aware of the market pressures that regulation changes have brought on, such as allowing non-lawyers to enter the legal market.

“We haven’t seen any effects of that yet. However, I am very alive to it. As a result a couple of years ago we converted to an Alternative Business Structure,” said Mr Newton.

He added that he didn’t want Newtons to miss out on being able to use people who weren’t lawyers in managerial positions.

Mr Newton said: “Our group fee income increased from £1.8m in 2013 to £2.6m in 2014 and is expected to leap to £3.7m in 2015 driven partly by the increased number of multi-million pound property deals and business acquisitions upon which the firm is being asked to advise.

“Our success in 2014 has already attracted four new solicitors who are signed up to join us in 2015 together with further potential law firm acquisitions. Our medium term goal of reaching a £5m fee income is now in sight.”

In October, Newtons acquired Thorp Parker, which has a turnover of £700,000. Previously, the Stokesley firm was turning away family work and litigation, which, since the acquisition, is no longer the case.

Newtons Solicitors has offices in Harrogate, Ripon, York, Leyburn, Richmond and Darlington.