Law firm Knights sees profits rise
Law firm Knights nearly doubled its profits for the year ended April 30, 2020.
The Birmingham-headquartered firm saw underlying pre-tax profit rise by 45 per cent to £13.6 million.
Meanwhile, its revenue also increased by 41 per cent to £74.3 million up from £52.7 million the previous year.
David Beech, CEO of Knights, said: “We have delivered a year of strong, profitable, cash generative growth and demonstrated progress in line with our strategy to complement organic growth with carefully targeted acquisitions."
The firm said it entered the major legal markets of Birmingham, Leeds and the South East via the acquisitions of EGL and ERT, Shulmans and ASB respectively.
Mr Beech said: “Our recent investments in systems, people and through acquisitions provide the group with the benefits of scale and resilience, positioning it well for a recovery in our markets.
“Whilst the market remains uncertain, we are pleased to see early signs of a recovery and the current year is expected to benefit from the full-year effect of prior year acquisitions and our continued momentum in recruiting high calibre talent, many from other Top 50 law firms."
In the year ended April 30, 2020, Knights recruited a net total of 108 fee earners up from 46 fee earners.
Mr Beech added: “Beyond the near term, we anticipate that Covid-19 will only accentuate the recruitment and acquisition opportunities for our resilient, well-invested, diversified and cash generative business in the highly fragmented and often under-invested market for legal services outside London.”
