Profits up to £4m at Ledingham Chalmers
Pre-tax profits at Ledingham Chalmers have risen to £4 million, up from last year’s £3.6m.
Turnover in the latest period totalled £12.3m, down from £12.7m the year before.
The firm said it intended to invest a “six-figure sum” over the coming year as part of its growth strategy to double revenue to £25m by 2025.
Staff shared a bonus pot worth £150,000. This equates to a distribution of £1,250 for those working full-time.
Partners received average remuneration of £160,549 during 2020-21, with the biggest sum being £370,352.
Managing partner Jennifer Young said: “Reading or watching anything over the past 18 months or so you’d be hard-pressed to miss words and phrases like ‘unprecedented’ and ‘year like no other’.
“That meant the process of making predictions for our business at the start of the pandemic was all-the-more complex.
“What we could see coming through was the effort and commitment from colleagues across all our offices, which resulted in a strong performance across the board.”
Of the six-figure investment, she said: “The pandemic has permanently changed the way we work and support our clients, so we have to adapt quickly and effectively to respond.
“For example, as well as updating our financial management system and processes, we are spending more on our external presence and internal communications.
“This includes our website, a new intranet as well as our virtual conferencing facilities, not least because hybrid working and virtual court hearings, certainly for civil proceedings, are here for the long term.
“Looking to double our revenue to £25m in the next five years is a challenge, but it’s the basis of our growth strategy.”