Leading medical negligence and serious injury law firm Fletchers Solicitors has revealed ambitious new growth plans, following its announcement of a £1million increase in revenue.
The Southport-based firm, which handles one in ten medical negligence cases in the UK, has reported a 9 per cent rise in revenue this year, taking it from £11million in 2013/14 to £12million in 2014/15.
Profit before tax was announced at £1million from £3.2million in 2013/14, due to a period of re-investment into the business in its quest to become a Top 100 law firm by 2018. The firm is aiming to achieve a turnover in excess of £20million by 2018 when its large amount of medical negligence cases, which usually take three years to complete, reach settlement.
Over the past year, Fletchers has invested significantly into the business to reach these goals, including the successful launch of Patient Claim Line, a major consumer-facing brand, and the creation of its Medical Law Network, a panel that offers other top law firms an effective way to bring their services to market
Other major areas of investment include an office expansion, taking the space from 16,00 square feet to over 24,000 square feet, to cater for the growing number of staff needed to support the additional work arising from its new marketing approach.
Fletchers Solicitors has made a huge investment in its workforce over the past year to support its continued growth. Last year the firm had 210 members of staff, including four directors, and this has grown to 290 employees now including four directors and two new non-executive directors following its change to ABS status.
As a reflection of this significant investment, Fletchers Solicitors has recently made its way on to The Lawyer’s prestigious list of Top 200 law firms in the UK for the first time, entering in at position 152.
Ed Fletcher, CEO of Fletchers Solicitors, said: “The firm continues to be focused on becoming number one in the industry in our three core areas of medical negligence, serious injury and motorbike accident claims. As a result, we are striving to achieve Top 100 law firm status by 2018, and in order to do so we are currently re-investing heavily into the business to ensure we reach our goal in the right way. We want to grow, but retain everything that Fletchers stands for, and that requires significant investment.
“We expect a modest growth in revenue again next year, but we are concentrated on 2018 where we hope to see our large book of medical negligence work reach settlement and our aim then is to achieve a significant increase in turnover and profitability, which would enter us into the Top 100 law firms.
“Fletchers has been successful by doing things differently and we aim to continue our dramatic growth by bringing in quality people to ensure all our clients are given the absolute best service, and to further our leadership of the medical negligence, serious injury and motorbike accident sectors.”
For more information, please visit www.fletcherssolicitors.co.uk
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