Legal Firm Posts Disappointing Results

Thu, 07 May 2009

Legal firm Halliwells has announced poor results for the past year and has warned of the future difficulties it faces in the coming year. The Manchester based law firm revealed a 4 per cent drop in turnover for the year up to April 30th, down from £86.5 million to £83 million. The company has been forced into making a number of redundancies in the past year, whilst the latest figures fall short of managing partner Ian Austin’s February prediction that revenue would total £84 million. 30 redundancies were made last year, whilst plans were revealed in March to make a further 30 redundancies. It is unclear how many lawyers and solicitors will succumb to the cutbacks.

Despite the slump, Mr Austin describes Halliwells’ performance as encouraging given the difficult market conditions. Mr Austin said he was particularly encouraged by the firm’s insurance litigation and construction and commercial litigation, both of which experienced strong growth with their income totalling £34 million.

The disappointing figures have not halted the company’s plans to expand operations in Liverpool and open new premised in Sheffield . Their capital position has been boosted by the sale of subsidiary company HL Interactive.
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