TLT’s revenue jumps 30% to hit a record £144m as new strategy pays off
Profit per equity partner leaps 40% to £840,000 amid flexible working push
UK law firm TLT’s revenue jumped by almost a third during the last financial year, hitting a record £144m after the firm put in place a new strategy to broaden its reach both domestically and internationally.
Turnover grew 30% from £110m in the previous financial year, exceeding the £140m revenue target the firm had set for 2025. That helped boost profit per equity partner to £840,000 – 40% higher than a year ago.
John Wood, TLT’s managing partner, said: “Against the backdrop of the pandemic and more recent economic uncertainty in the UK, TLT has continued to grow at pace winning new clients, recruiting fantastic talent and leading the way in terms of wellbeing, environmental and social initiatives.”
He added: “Hitting £144m turnover three years ahead of schedule is a remarkable achievement and an important milestone on our journey of growth and success.”
The improved financial performance also comes after the firm put in place a fully flexible working environment for employees that allows them to work when and where they want, supported by a multi-million pound investment in tech platforms and offices. That has helped it increase diversity in senior roles, with women now making up 31% of the firm’s partnership, up from 24% in 2019 and just short of its target of 33% by 2025.
Wood said: “Our results clearly show that the argument for a return to nine to five, five days a week in the office presenteeism to boost productivity is just wrong, flexible working works for both our people and our business.”
The firm, which is headquartered in Bristol, has significantly ramped up its headcount, adding 400 new employees over the past year, including five partners. One of the new arrivals was the former global head of legal services at Eversheds Sutherland’s Konexo business, Jonathan Townend, who joined TLT last month to lead its managed legal services offering. The firm has also moved into a new sustainable office development in Glasgow called the Cadworks.
Notable deals TLT has worked on this year include advising Santander UK on a multi-million pound battery storage project in Scotland, Network Homes on its £140m acquisition by Grainger and Capital Dynamics on the £146m sale of its onshore wind portfolio to Vantage RE. The firm has also been appointed by the UK’s Department for International Trade to advise on trade deals with Canada, Mexico and India.