Fee income has passed the £10 million mark for prominent regional law firm Bridge McFarland.
Annual results just published show a turnover of £10.7 million, up 18 per cent on the £9 million of work in the year to April 30, 2021.
Founded in Grimsby in the mid-Seventies, where it maintains a strong presence, and now headquartered in Lincoln, the firm also has offices in Hull, Louth, Market Rasen and Scarborough.
Managing partner Stephen Oldridge said: “It is a pleasing set of results. Income has recovered well after the difficulties faced during the pandemic and has increased 18 per cent year on year. Increased activity in the property market really helped to drive this growth.
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“Profit has remained similar to 2021 levels due to a corresponding 11 per cent increase in expenditure as we invested heavily in staff and recommenced marketing and other activities that had been paused during the pandemic period. It is encouraging that we have embedded a number of savings such as postage, stationery and travel as we continue to embrace, and invest in, more technological ways of working.”
Profits came in at £4 million, up from £3.8 million, with employee numbers up from 162 to 169.
Mr Oldrdge said: “I would like to put on record my thanks to our wonderful staff who have worked so hard over the course of the pandemic to ensure we were open for business at all times and supporting our clients whether we were working from home or in the office. Special mention has to go to our conveyancing staff and finance team who coped amazingly well with the numerous extensions to the Stamp Duty Land Tax holiday which seemed to really fire up the local housing market.
“Finally, I would like to thank our clients. Over the last couple of years we have sought to continue to provide excellent service and support to them and they, in turn, have understood the additional challenges we have faced through these very difficult times.
“We understand the new challenges that everyone is facing at the moment particularly in relation to the current cost of living crisis and we hope to continue to support our clients with excellent and fairly priced services throughout 2023.”
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