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02 February 2017

NewLaw gets vote of confidence as LOD turnover skyrockets

Filings with Companies House reveal a double-digit uptick in revenue at Lawyers of Demand over the last year.

By Kathryn Higgins


According to the filings, the emerging NewLaw business saw an 18 per cent increase in revenue from £12.3m to £14.6m over the 2015/16 financial year. However, the company’s operating profit tumbled during the same period from £987,000 to £200,000 over the same period, the filing citing expenses connected to ‘one-off exceptional items’ – potentially among them, a £255,000 spend on new technology that includes LOD’s own online legal services marketplace, Spoke.

LOD chief executive Tom Hartley commented: ‘We're very happy with the profitability, the final profit number was almost entirely determined by the merger with AdventBalance.’ The combination between LOD and AdventBalance came about as the result of a £6m investment from Berwin Leighton Paisner in the Australian legal resourcing business. BLP now holds a 62 per cent stake in the holding company, LOD Global, that houses the businesses.

Sources: Legal Business; The Lawyer

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