Midland law firm Shakespeare Putsman has posted sales of £23.4 million after another busy year of takeovers.
The firm is to pay a bonus to all of its 370 employees with each member of staff receiving two per cent of salary after the revenue rise.
The firm has undergone a period of growth in the last year through a series of mergers with Midlands’ law firms.
Berryman in Nottingham merged with Shakespeare Putsman in November 2010 after Needham & James merged into Shakespeare Putsman in July 2010.
The firm, which now has five offices across the Midlands and employs some 450 people, announced underlying revenues for the year of £28 million.
Chief executive Paul Wilson said the results represented a small rise compared to last year, in spite of tough conditions.
He said “The Midlands economy and the legal sector as a whole both remain very difficult markets in which to operate.
“We are very pleased that in four of our five main business areas we have seen a small growth. The Midlands property market remains very flat compared to the highs of three years ago - we continue to have a very successful, if somewhat smaller, business in this sector. Total revenues have met our expectations in a year of significant change and growth.
“Our decision to amalgamate Shakespeare Putsman, Berryman and Needham & James was based on our firm view that the economy will stay flat for the next three years, clients will become more demanding, and that we will therefore need to invest heavily in our people, technology and brand to serve their needs. Our combined strength in depth sets a firm foundation for the next three years.
“I am particularly pleased that we have decided to reward our staff across all of our sites for their efforts in making us so successful.”
Berryman and Needham & James are trading names of Shakespeare Putsman LLP.
In summer this year all of the businesses will be brought together under one name.