Date posted:
Wed 07 July 2021
North West law firm Bermans has announced record financial results for the 7th consecutive year, increasing turnover by 6% from £7.4M to £7.85M.
The firm`s asset and invoice finance teams continue to go from strength to strength. The Invoice Finance team was ranked first in the Business Money annual review of legal services providers to the sector once again. Work highlights include acting for a selective invoice finance provider in its £20M refinancing with a US investment fund and the successful conclusion of a decade-long litigation claim which leading to a recovery in the millions of dollars from an elusive personal guarantor on behalf of a US invoice financier.
The Corporate team, led by Jon Davage, has posted record results with a 40% increase in fee income and has worked on deals with a value in excess of £150m. They included Toscafund`s $25M investment in Voxsmart, the sale of Mission Labs Ltd to Gamma for £46M, a £4M equity investment by Mobeus into Connect Software Group and the sale of Butterworth Spengler to JM Glendinning Insurance Brokers. A key part of the team`s growth has been a sustained focus on the TMT sector, cross border M & A and private equity transactions. The team expects a continued high level of activity given the anticipated increase in Capital Gains Tax to assist with meeting the demands on the public purse caused by the Government intervention in the economy as a result of Covid-19. The arrival of Barney Leaf in the Corporate practice area has taken the number of partners to four in a team of ten fee earners.
Employment has continued to build on recent growth and enjoyed record turnover in 2020 / 2021. The team has also now launched a specialist business immigration service to assist clients with the new post-Brexit rules which came into force at the start of this year.
The Property team has also had a very busy year and has seen its turnover increase from £1.1m to £1.3M.
Chris McDonough has retired from the business after successfully heading Bermans' commercial contracts team since joining in 2014. Stephen Green joined the firm on 1st June 2021 from Knights to head up the commercial offering as Chris`s replacement.
Also arriving in the last 12 months is David Keenan, who joined Gareth Farrelly in the Sports law team and the forthcoming launch of a dedicated microsite and listing on Law in Sport platform.
Bermans has also launched a Shareholder Dispute Website, a dedicated platform with the aim of providing a roadmap for shareholders and directors through business disputes.
Insolvency and Litigation have maintained a constant level of fees and anticipate a busy 12 months ahead as moratoria restrictions are lifted and business activity returns to normal. The team has delivered several events throughout the year around building robust and effective in-house debt collection processes and this is likely to continue in the next financial year.
Fergal Ocleirigh, Bermans' senior partner comments:
“It has been a really challenging year for all businesses for obvious reasons and we are delighted with the end of year outcome given that backdrop. We have continued to attract new clients by virtue of our networking efforts over the years before the pandemic and also by ensuring we have kept in contact with the business community by way of webinars, many of which have been run in conjunction with our key introducers. All of our teams are optimistic about the prospects for 2021/22 and we look forward to continued growth in the years ahead.”
