Drop in profits at Weightmans after year of investment

Law firm Weightmans LLP has reported increased turnover and a drop in profits in the latest financial year.

Turnover increased by three per cent to £97.1 million as the firm emerges from its first year following the launch of a new strategy and restructure.

Net profit at the firm was £10.3m, a decline of six per cent on last year’s £11m. Profit per equity partner also dropped six per cent, from £295,000 to £276,000.

Overall gross profit increased to £38.7m.

Managing partner John Schorah said: “I am proud of all we have achieved in the last twelve months and most of all I am proud of our people, who have not just embraced change but have been the catalysts in our transformation.

“Whether investing in technology and innovation, embarking on ambitious recruitment drives or moving into premises that will evolve with us, ultimately we are in the strongest position we have ever been in to focus on our clients and deliver a truly commercial service which goes beyond black letter law.

“This extraordinary volume of office moves and refurbishments has been understandably costly for the business - we have had an unusually high number of lease events to contend with in the course of one year and that was always going to affect profit in the short-term.

“Our vision is to enhance our business by creating an approach which futureproofs what we do and offers a wealth of opportunity to the people who work for us. I believe we’re on the right path to realising this.”