Strong activity in the credit management and remortgage sectors led to Yorkshire legal giant Shulmans posting a growth in turnover of close to 30 per cent in its mid-point results.
The Leeds-based law firm, home to more than 200 people saw its turnover for the full 12 months up to the half year rise to £14.85m, figures hailed by its managing partner as “unprecedented”.
A member of the UK top 200 corporate law firms said it continues to grow in all aspects of its business, and has reached a major recruitment milestone within the past 12 months.
The firm, based on Wellington Place, attributed the exceptional trading in particular to its credit management services division and in the work that it does for banks and other lenders in the remortgage market.
Managing partner, Tim Halstead, said: “This half-year period has ended with unprecedented results.
“We have an ever-growing team, who represent the very best legal talent.
“We are proud to be inspiring the next generation of lawyers in the region.”
Speaking to The Yorkshire Post, he added: “The remortgage market is very buoyant at the moment and we are one of few specialist providers in that market.
“It should be a very active market and with what has happened with interest rates it is probably going to get busier as people look to remortgage to fixed rates.
“In credit management we have seen exceptional trading due to one very big contract.
“We are growing. As of this morning we have 207 people working here.”
It also cited the strength of its team, pointing to excellent rates of employee retention in its trainee scheme.
In total, four newly qualified solicitors remain with the firm, with Kayleigh Watson (corporate finance), Laura Giltrap (employment), David Ryan (commercial property) and Maria Fert (construction) all qualified after undertaking training contracts with the firm.
A further three new trainee solicitors have now commenced their training contracts, including two who were formerly employed as paralegals with Shulmans.
Significantly, the firm has been praised for identifying outstanding talent within the associate level strata of the legal community.
This year’s Legal 500 document singled out two of the firm’s associates, real estate specialist Kieran Wilkinson and property litigator Luke Maidens among its ‘Next Generation Lawyers’ category, with the latter described as a “real rising star in his field”.
In all, the Legal 500 recognised 12 of Shulmans’ practice areas, with the firm’s team of lawyers being named 36 times, 22 of which are mentioned for the first time.
In another industry accolade the Chambers UK 2018 results, announced this month, also revealed many successes, including a listing for Shulmans’ planning team for the first time, in addition to the real estate and corporate M&A units holding their ranking.
This summer Shulmans hosted the Interlegal conference, which brought together around 70 representatives from countries including Brazil, Russia, Canada and Cote d’Ivoire to Leeds after it chose the city for their annual conference.
A significant coup for both the firm and Leeds (next year’s event will next be held in Moscow) it saw the Interlegal’s boss João Paulo Menezes Falcão state that the positive mood of business people in Leeds and its surrounding districts to be on a par with the mood of their counterparts in London.
Mr Halstead said: “We are growing the business in an environment in which there are lots of firms piling into Leeds.
“It is a testament to the strength of Leeds that having so many firms is driving growth rather than making it more difficult.
“We are very strongly rooted in Yorkshire.”