Building and banking help boost law firm Gateley’s profits

Gateley, the country’s first-ever publicly-traded law firm, benefitted from an uptick in the UK economy last year as increased activity in housebuilding and bank lending helped to boost its profits by a third.

The business, which has numerous clients including housebuilder Berkeley Group, high street stalwart Mothercare and football club West Ham United, floated on the junior stock market in May.

The company said revenues rose 11.5% to £60.9 million for the year ending April, and adjusted earnings were 28.4% higher at £11.3 million.

It said it had advised on more than 250 corporate deals over the period.

“Clients are having a slightly better time and doing a little bit more,” chief executive Michael Ward said.

Legal firms were permitted to accept outside investment under a rule change in 2011, under a move dubbed the Tesco Law because it permitted businesses like super- markets to offer legal services.

“The story is interesting to the US market because they are thinking of something similar so it has really struck a chord over there,” Ward said.

“Pre-Plc we had a low-key profile and post-Plc we couldn’t get any higher.”