One of Birmingham’s most historic law firms has seen fee income rise over the last six months as it prepares to merge with a City of London practice.
Martineau, which is set to confirm on Thursday that it will merge with Sprecher Grier Halberstam, saw fees rise by seven per cent compared to the same period last year.
Sprecher Grier Halberstam employs 90 people at its Fenchurch Street office in London while Martineau has 240 people at its Birmingham office with a further 15 in the capital. The combined firms would see turnover rise to around £30 million and put it into the top 70 in the UK.
Martineau managing partner Bill Barker said: “This increase confirms our determined efforts to build on the solid performance we have delivered throughout what has been a testing period for businesses in general and in particular the legal sector.
“Although we have attracted a healthy number of new clients, we have also grown revenue from existing clients with additional services. We have grown the level of international work undertaken and a renewed focus on our key sector areas has paid dividends. As we complete our merger with SGH, this improvement in our business performance allows us to be optimistic of maintaining this level of growth; it confirms we have the right business model for the current economy.
”The new firm will be a top 70 UK law firm, but I expect us to climb quickly once new and existing clients understand the benefits of our combined offering.”
SGH have yet to announce half year results which will be due in January but reported strong trading in the first four months of the year achieving profit figures ahead of target.
“It is very encouraging to see a solid start to the year, given the economic maelstrom that has prevailed both here and abroad.” said SGH managing partner Emma Shipp. “Our traditional areas of strength in leisure and services to lenders have remained buoyant, despite the well-publicised problems those sectors have suffered and our counter cyclical sector of restructuring and insolvency continues the strong growth of last year”.
The merger between Martineau and SGH is expected to be confirmed on December 1st, with the creation of a new firm SGH Martineau LLP operating from offices in Birmingham, London and Brussels.