Lawyers predict test of resilience

Jun 6 2008 by Peter McCusker, The Journal

LAW firm Ward Hadaway has seen its turnover grow by 13% to £28m after 16% growth in the previous year.

The results for the year to the end of last April at the Newcastle firm also show profit per equity partner improving to £415,000.

Ward Hadaway managing partner Jamie Martin said: “Last year saw good growth and performance across most business areas, with especially strong performance in corporate, employment and healthcare.

“We expect next year to be a test of the resilience of our business, particularly in the light of the challenges facing the housebuilding sector, but we are excited by the prospects of our Leeds office, which will become operational in July.”

The firm advised on one of the North East’s largest deals of last year, the £115m simultaneous share placing and £50m acquisition of US platform maker Snorkel by Washington’s Tanfield Group.

Ward Hadaway, which has more than 400 staff, also advised FTSE 100 software group Sage on a hat-trick of acquisitions worth almost £60m, Executive Care Group on the sale of 16 care homes nationally and Premium Bars and Restaurants and China Goldmines on multi-million-pound share placings.