Law firm Flint Bishop, which has offices in Birmingham and Derby, is celebrating its strongest financial year in its history, posting double-digit revenue growth for the 2021/22 financial year.
For the 12 months to 30 April 2022, turnover climbed to £17.58m, an increase of 16.6% on the previous year. The current growth rate has seen the firm boost headcount by nearly 22.3%, with 47 new staff added since the start of the calendar year.
The firm’s commercial debt recovery practice was a standout performer. The team size has increased significantly to meet the demands of several new high-profile client acquisitions in recent months.
Newly created commercial property and corporate finance teams at the firm’s Birmingham office saw Flint Bishop complete on over 50 transactions with a combined deal value in excess of £350m. The largest deal involved acting on the disposal of a commercial development site for £48m. Commercial property and corporate finance teams in Derby also had a record year in deals.
Flint Bishop’s fast-growing insurance litigation practice has had another stellar year defending a number of multi-million pound cases and achieved substantial savings for its clients, running into tens of millions of pounds. A notable work highlight includes the large loss team settling the highest value claim ever entrusted to the department pleaded at almost £26m. Flint Bishop saved the client over £12.8m on the claim value alone, whilst also saving close to £500k on the costs of the trial.
Given the strong growth results achieved over the last 12 months across all departments, Flint Bishop has revealed that staff have been rewarded for their performance with a number of salary bonus payments and salary increases along with enhanced employee benefits for the new financial year 2022/23.
Chief executive, Qamer Ghafoor said:
“The pandemic has certainly been a wake-up call for many businesses. As a CEO sometimes you need to take bold steps. The investment in technology, talent and implementation of various strategies across the firm has really proven successful. We are delighted by the continued growth of the firm and to have enjoyed yet another year of record financial results. The strong performance of the business is testament to the outstanding lawyers and support staff across all practice areas.
“As we commence our new financial year we have already started to see significant growth across many of our teams and our focus on the recruitment of senior and experienced staff continues at a pace. As a firm we are positioning ourselves for significant further growth. A number of strategic appointments have been made in recent months, with more key hires secured in the pipeline.
“With our future growth and strategic ambitions, we will continue to invest in our people, office spaces and technology to provide the best environment possible for our staff, enabling us to enhance our operational efficiency to deliver innovative solutions to our clients, all of which means we are well-positioned for further growth in 2022/23 and beyond.”