Penningtons Manches turnover up 23 per cent as expansion continues
Law firm Penningtons Manches, which is growing across the Uk and in its new US operations, has reported an increase of more than 23 per cent in fee income in the latest financial year.
Turnover has climbed to £57.5 million, representing a significant rise from 2013-2014 when fee income was £46.6 million. Overall profit has risen by more than 40 per cent.
These new figures reinforce a period of steady growth for the firm, which was joined by the partners and staff of Manches in October 2013 and has now posted an increase in turnover for the sixth consecutive year. During this time the number of partners has risen from 55 to 110. The number of lawyers and other professional advisers at the firm has currently reached 355.
The latest results have been bolstered by a strong performance by the Cambridge team. The ongoing expansion of its capability in the technology and education sectors in particular, two key areas of practice for the firm, has boosted Penningtons Manches’ overall client offering.
Cambridge’s close strategic synergy with the firm’s London and Oxford teams has enabled Penningtons Manches to establish a golden triangle of tech hubs in these three locations.
Cambridge partner Hamish Corner is one of the driving forces behind Penningtons Manches’ San Francisco presence, which is focused on investments by US businesses into the UK and supporting UK businesses on their international growth strategies.
Fellow Cambridge partner Hilary Aldred is leading the firmwide education sector group which has been one of the sponsors of this summer’s Times Higher Education Leadership and Management Awards.
Meanwhile, the corporate practice headed by James Stephen and Helen Drayton has seen an increase in transactional activity with new instructions from significant local corporates including a number active in the life sciences and wider technology sectors.
Following the appointment of senior associate Sallyann Short last summer to develop the private client practice, the Cambridge team is continuing to enhance the level of expertise available to clients by focusing on the growth of Penningtons Manches’ core practice areas.
This summer specialists in the real estate and life sciences fields are expected to join the office, leading to a 30 per cent increase in the number of lawyers there over the last 12 months.
Applications from trainee solicitors have also risen considerably, resulting in the establishment of an additional trainee seat in Cambridge. As the office prepares to welcome new colleagues to further its expansion, it is also saying farewell to partner Tim Tyndall, who has decided to change paths after several years at Clarendon Road, working for both Penningtons Manches and Charles Russell beforehand. He is joining Birketts.
David Raine (pictured), chief executive of Penningtons Manches LLP, said: “This is an encouraging performance and one in which all our offices have played their part.
“In Cambridge, it is a particularly exciting time as we continue to lay the foundations for future growth while maintaining the high standards of client service by which our lawyers are recognised.”