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Thomson Snell & Passmore net profits up 20%

By Chris Price

The UK’s oldest law firm recorded a 20% increase in net profits to £5.5 million as it expanded its focus on commercial clients.

Thomson Snell & Passmore increased revenues by 12% to £18.9 million, which was way ahead of expectations.

In March, Kent Business revealed the firm, which has offices in Dartford and Tunbridge Wells, expected at least 10% growth in both turnover and profits.

Thomson Snell & Passmore chief executive Simon Slater, left, and senior partner James Partridge
Thomson Snell & Passmore chief executive Simon Slater, left, and senior partner James Partridge

However, the business achieved stronger results after it commercial practice grew income by 25.5%, while its private client practice expanded by 7%.

It won 76 new clients in its target sectors of food and beverage, transport and logistics, construction and engineering, education and charity and not-for-profit.

Chief executive Simon Slater said: “This is been another exceptional and encouraging year for the firm.

“Our growth strategy as we approach our 450th anniversary in 2020 is to build on our strong heritage and financial performance by continuing to provide unrivalled service and quality across the firm.

Thomson Snell & Passmore partner Kamal Aggarwal and senior partner James Partridge outside the Thames Gateway office in Dartford
Thomson Snell & Passmore partner Kamal Aggarwal and senior partner James Partridge outside the Thames Gateway office in Dartford

“We anticipate sustained growth next year as we look to develop further our commercial group, whilst of course maintaining our pre-eminence for private client advice.”

In November, the business revealed it had earned a place in the Guinness Book of Records as the oldest law firm in the world, launched in 1570 by Nicholas Hooper, a curate of the Tonbridge Parish Church.

Its headquarters is in Tunbridge Wells but its Thames Gateway office in Dartford now accounts for 13.5% of revenue.

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