UK law firm TLT continues its strong record of growth posting a seven per cent rise in turnover from £82m in 2017/18 to £87.6m this year, representing a near 50% increase in revenues over the last five years.
This year's financial performance is underpinned by success in several of the firm's core areas of sector specialism. In financial services, the firm saw continued growth in demand for its disputes and investigations services alongside activity related to open banking, cyber and financial crime.
Public sector panel appointments for central and local government, electric vehicle (EV) infrastructure and energy storage projects; and a growing portfolio of clients and work in the payments and digital space were also significant contributors to the firm's growth.
TLT Managing Partner David Pester said: "We are winning market share in a competitive environment with a clear, consistent and client-led approach. This means building sector expertise. It also means being creative and agile in our approach; collaborating with others where needed to deliver for our clients.
"Looking forward, we will continue to build scale where that delivers value and access to expertise that clients tell us they need. Core to this is our work to improve legal service delivery through our Future Law programme and the development of strategic international alliances to support our clients on cross border matters.
"Through continued investment to increase our market share of UK work, we anticipate revenues well in excess of £100m during the next phase of our development."
The firm launched its Future Law programme in the autumn of 2018 with a £500k investment fund. Led by the firm's Digital Sector Leader James Touzel, the initiative is focused on driving change more rapidly in the way the firm delivers legal services and products to clients.
As part of this programme, the firm launched its first foray into consulting with a telecoms regulatory consulting service led by ex BT Consumer Regulatory Affairs Director Stuart Murray. It also launched a partnership with Clarilis to deliver automated document and contract creation. This adds to the firm's end-to-end contracts as a service platform alongside its combined intelligence contract review tool TLT LegalSifter.
The firm has continued to grow its partner and lawyer teams over the last year, with 13 lateral partner arrivals and four internal partner promotions across its core sectors and UK locations. The firm also made a significant investment in Scotland with the acquisition of specialist real estate firm Leslie Wolfson.