Foot Anstey continues strong growth performance despite challenging year
Firm identifies industry sector approach and £3m technology investment as crucial factors
Highlights from 2020/21 Financial Year:
- Revenue up 7% to £49.7 million
- Net profit up 12% to £6.72 million
- Sector fees up 15%*
- £3m invested in technology improvements
Foot Anstey, the national law firm with offices across London, Southampton and the South West, has continued its strong growth performance of recent years posting a 7% increase in revenue to £49.7 million for the 2020/21 financial year.
Net profit for the year increased 12% to £6.72 million and the firm's PEP (average profit per full equity partner) was £480,000.
The firm identified its sector strategy as a key engine of growth during the year as sector fees rose by 15%. This increase was driven by impressive growth in its Developers sector (44%), Private Wealth (21%) and Energy & Infrastructure (18%) sectors, as well as a strong showing by the firm's Private Equity sector team (7%).
A pre-pandemic investment of £2m by Foot Anstey to modernise its technology infrastructure and capabilities was crucial to the firm's agility during the COVID-19 pandemic. This investment enabled a seamless shift for the firm's people to work anywhere, anytime, as well as upgrades to its software hosting, network, and technology equipment. A further investment of £1m after the pandemic struck has brought additional improvements to video conference tools and suites and the firm's digital client experience.
John Westwell, Managing Partner at Foot Anstey, commented on the results: "This is a strong performance in what was clearly a challenging year, and I would like to thank our teams for the agility, energy, and focus they brought every day.
"The value and importance of our sector strategy is clear to see in these results and we have further investments planned this year to ensure our sectors continue to fuel our growth. Our teams understand the different challenges faced by clients across our sectors, and during this exceptional year they were well-placed to advise them on the complexities brought by the pandemic.
"Technology was a crucial enabler for us. The pre-pandemic investment we made in new technology infrastructure, tools and equipment, enabled a high level of preparedness, and then flexibility, when COVID-19 emerged. We have continued to invest to ensure our technology enables a high-quality experience for both our clients and our people."
Foot Anstey made four lateral partner hires during the 2020/21 financial year, and in Q4 it launched a campaign under the banner "Freedom Awaits" to attract senior hires to the firm. The campaign showcases the greater freedom, autonomy, trust and collaboration that a career at Foot Anstey can offer. Find out more about the campaign at freedomawaits.footanstey.com.