UK law firm TLT has announced a 10% increase in fee income to hit £82m for the financial 2017/18* – the first full financial year since the launch of its new strategy to 2020.
Activity levels were up across the firm's transactional, advisory and disputes services driven by new client wins, panel appointments and increased support for existing clients. In the last year, the firm acted on a number of high profile matters including completing £58.5m worth of ground mounted solar share acquisitions for NextEnergy, representing a consortium of 13 Indian banks in a £1.145bn recovery action, and on the New Covent Garden Market redevelopment, part of the £470m sale of Nine Elms Square.
"We have had a strong year with fee income breaking £80m for the first time. Our results are underpinned by our new strategy and tactical plans to increase market share; we have also seen an increase in deal volumes and value.
"Looking longer term, this year's results mean growth over five years of more than 60%. This has been largely organic and built on the back of our investments to deepen expertise in core areas and the sectors within which our clients operate.
"Conditions favour those law firms that invest in talent, expertise and how they deliver. We will continue to focus on how we can transform what we do and innovate to deliver greater benefit and support for our clients."
During 2017/18 the firm maintained significant investment in its technology capability and business transformation programme, including a partnership with US technology company LegalSifter to launch a "combined intelligence" solution for contract negotiation. It has also continued to attract and retain talent, with six lateral partner hires across its UK offices alongside six internal partner and 11 legal director promotions.
The firm made several management changes over the last financial year with the appointment of John Paul Sheridan as head of Scotland, Chris Owen as its first international head and Linda Convery as its new head of social housing.