Halliwells has set its sights on doubling its revenues in the coming years, with the Manchester-based firm unveiling a strategy that aims for revenue of £128m by 2011. The ambitious plans, which were put to partners by managing partner Ian Austin at the firm’s AGM on Tuesday (28 November), include specific provisions for the expansion. The firm has grown by almost 50% during the last two financial years and is targeting a 35% turnover rise this year to hit £85m.
As part of the plans, the 150-partner firm has drawn up a series of fresh performance criteria, which include monitoring teamwork and entrepreneurial skill, in a bid to bed down its five-office UK operation.
The new strategy was drawn up by Halliwells’ seven-strong management board, which is headed up by Austin and senior partner Alec Craig. The line-up also includes real estate chief Mike Edge, corporate partner Mark Halliwell, banking head Sue Molloy, property partner Matt Wightman and financial director Stephen Roe.
Senior management will now kick off a series of presentations to roll out the new approach to the entire firm.
Austin told Legal Week: "As a firm, we feel that we have come of age over the last couple of years but in today’s marketplace there is no time to stand still."
The move comes after a period of rapid growth that has seen a string of mergers, including a tieup with Manchester stalwart James Chapman this year and a similar deal with 16-partner Liverpool firm Cuff Roberts last year, as well as a glut of lateral hiring.
National firm Pinsent Masons also announced a package of ‘core values’ earlier this year in a bid to forge a more unified platform across its UK operation following several mergers.