TLT announces record £144m revenue following first year of new strategy
14th July 2022, 12:55 pm
UK law firm TLT has revealed a record financial year with 30% turnover growth in 2021/2022. Revenue is up to £144m from £110m in 2020/2021, exceeding the £140m target initially set for 2025. The results follow an exceptional year in which TLT launched the firm’s strategic vision for 2025 aiming to drive robust financial growth by increasing resources, developing the firm’s reach locally, nationally and internationally, and using the latest integrated technology, whilst delivering a progressive workplace agenda, with market leading sustainability.
TLT’s financial success throughout the year has been supported by the firm’s long-term shift in its working practices to create a fully flexible, progressive and inclusive working environment (TLT World). The initiative empowers employees to choose to work at a time and place that suits them, and is being supported by a multi-million pound investment in tech platforms and offices.
The new flexible approach to working has contributed to TLT bolstering diversity in senior roles. Partner promotions for 2021 / 2022 took TLT’s female partner representation to 31% – up from 24% in October 2019, when TLT first committed to a longer-term gender diversity target of 33% female partners by 2025. As a result, TLT’s trajectory is ahead of its target and places it in the upper quartile of success amongst its legal industry peers.
TLT has continued to invest in new legal and business talent recruiting more than 400 new colleagues, including five partners, to develop the firm’s service offering such as Zaqia Rashid from the government legal department to lead TLT’s 66 strong public enquiries team.
The last twelve months saw TLT continue to cement its position as a leader in sustainability with the appointment of a dedicated sustainability team and the introduction of a robust sustainability strategy underpinned by carbon emission cutting targets. The strategy has created a pathway for TLT employees to fully embrace emission-cutting initiatives and contribute to sustainability goals at an individual level. The firm’s move to Cadworks – Glasgow’s most sustainable office development, and its recent recognition at the People in Law Awards where TLT was awarded the best environment initiative award, exemplify its commitment to putting environment at the forefront
Growth has also been driven by TLT’s FutureLaw programme – an aligned, integrated and indispensable approach to meeting the changing needs of clients. The FutureLaw team harnesses the latest technology to deliver new products and services tailored to the specific needs of each client, helping them to success and develop.
Throughout the year the firm has continued to pave the way in the future energy sector. TLT was named Law Firm of the Year at The Lawyer Awards in November 2021 in recognition of the firm’s long-term reinvention and early targeting of the green sector, with Catrin Griffiths, editor of The Lawyer stating the firm was “a case study of how to move up the value chain for blue chip companies and government alike.” The firm also ranked third in Clean Energy Pipeline’s 2021 clean energy legal league table for being one of the most active dealmakers in the future energy sector.
John Wood, managing partner at TLT commented: “Against the backdrop of the pandemic and more recent economic uncertainty in the UK, TLT has continued to grow at pace winning new clients, recruiting fantastic talent and leading the way in terms of wellbeing, environmental and social initiatives.”
“These financial results have been achieved thanks to our dedicated strategy, which places the needs of our clients at the forefront. We work in step with our clients by listening to them, understanding their businesses and their needs, and providing effective legal solutions to their challenges. Given the ever-changing landscape of the environment businesses work in, it’s our role to be one step ahead and to prepare our clients for what comes next.”
“We’ve continued to invest in our sectors, services and locations throughout the year with strategic hires, and most recently acquiring an office space in Glasgow’s most coveted sustainability office development, Cadworks. The firm has embraced a fully flexible approach to working, which has placed it in the top most progressive law firms in the country – an initiative that has been embraced by all colleagues and which has directly contributed to our financial success. Our results clearly show that the argument for a return to 9 to 5, 5 days a week in the office presenteeism to boost productivity is just wrong, flexible working works for both our people and our business.”
“Hitting £144m turnover three years ahead of schedule is a remarkable achievement and an important milestone on our journey of growth and success, which continues apace. I’m really proud of the hard work and dedication of everyone at the firm, which has been instrumental in us achieving these record financial results. I look forward to seeing what we can achieve together in the year to come.”
Over the last year, the firm was appointed by the Department of International Trade (DIT) to advise on trade deals with Canada, Mexico and India, and was re-appointed to the Crown Commercial Services (CCS) legal panel to deliver a full range of services to the Government Legal Department (GLD).
TLT has advised on various matters including advising Santander UK on its multimillion pound addition of Scotland’s largest grid scale battery, supporting Network Homes Limited on its £140m to Grainger plc – the UK’s largest listed residential landlord, and advising Capital Dynamics on the £146m sale of a 97.3MW onshore wind portfolio to Vantage RE Ltd.