|
Our view....
It's been a bit up-and-down for
Weightmans over the last few years, with a concerted effort at expansion
in Manchester offset by poor profits and disappearing partners. But things
finally seem to be on the up for the firm, with 2005/2006 profits rocketing by
25%.
Weightmans used to be seen as an insurance-based firm, and
it has spent the last couple of
years trying to evolve into a more rounded, commercial outfit. In
2002 it merged with Vizard Oldham's litigation team, gaining 16 new
partners and a London office in the process. An aggressive policy of
lateral hiring saw its Manchester office gain a new corporate team
headed by former Addleshaws
head of corporate, Jonathan Shorrock, and including two high profile commercial property lawyers from Wacks Caller and three
professional indemnity lawyers from rivals Hammonds. It also
recruited a new planning
and environmental team and a nine-lawyer defendant insurance team
brought in wholesale from now-defunct local firm, Elliots. It even
managed to nab an improbably expensive lawyer from US firm Weil
Gotshal's London office.
Of course, all this has come at a cost
- profits were down, and 20% of the firm's partners were shown the
door. The remaining 80% were praying that the expensive
expansion would finally bear fruit, and so they have. Profits per equity
partner are now on £265,000, up from a dismal £140,000 only two years ago.
The rest of the Manchester firms will be
watching its profits with interest over the next couple of years.
And it's got some fun
clients too - including Hard Rock casinos and dance event organiser
Gatecrasher. "Chill out with Gatecrasher... and law firm Weightman
Vizards", says the firm's press release. Oh dear.
Email
your comments |
