LAW FIRM TLT has revealed another year of strong financial growth, with revenue up by 9% exceeding £157m up from £144m in 2021/2022.
The firm’s sustained financial growth has been attributed to TLT’s strategic vision to 2025, which is underpinned by a focus on developing the firm’s key sectors, delivering a progressive people-first workplace agenda, achieving market-leading sustainability targets and developing innovative solutions to meet client needs.
Growth across the firm’s focus sectors has driven TLT’s revenue increase with major projects for central and local government, as well as advising on a number of high-profile matters for financial services clients and supporting on future energy initiatives.
TLT’s financial success has been attributed to its continued investment into its people and the environment, spearheaded by the launch of TLT World (the firm’s flexible approach to working) in 2021. The initiative is supported by multi-million-pound investment into tech platforms and offices. TLT World has significantly contributed to improving diversity in senior positions at the firm with women now making up 33% of partner roles and women accounting for over 50% of partner promotions and hires in the past three years, double what it was three years ago. The last twelve months have seen TLT continue to strengthen its position as one of the most progressive law firms in the UK with the introduction of several initiatives including a new enhanced menopause provision for employees.
As part of TLT’s people strategy, the firm has doubled down on efforts to widen access to the legal sector and provide dedicated learning and development opportunities. This year the firm has introduced new apprenticeship pathways to qualify solicitors and has launched a rare joint training contract programme with Barclays and Simmons & Simmons.
The firm’s sustained financial growth has also been tied to the successful development and implementation of a robust sustainability strategy, underpinned by carbon emission cutting targets which have been approved by the Science Based Targets initiative (SBTi). The firm’s near and long-term targets go beyond SBTi’s recommendation that businesses halve their emissions before 2030 and achieve net zero before 2050. TLT’s move to Cadworks – Glasgow’s most sustainable office development – and its upcoming move to Eden in Salford for its new home in Manchester, and its recent recognition at the edie Awards where TLT won the prestigious Lloyds Bank Sustainable Business of the Year Award, exemplify TLT’s commitment to putting the environment first.
Success this financial year has also been driven by TLT’s FutureLaw programme – an aligned, integrated approach to meeting the changing needs of clients. The FutureLaw team harnesses the latest technology to deliver new products and services tailored to the specific need of each client, provide non legal consulting services and also a managed legal services team.
The last year has seen TLT pave the way in the future energy sector, advising on some of the largest and most cutting-edge future energy projects in the country. The firm was ranked as the second most active adviser in the world in terms of the number of M&A deals in 2022 in Clean Energy Pipeline’s 2023 Clean Energy Legal League Table and Maria Connolly, TLT’s head of future energy, featured in The Lawyer’s Hot 100 list for her outstanding contributions to the future energy sector.
John Wood, managing partner at TLT, said: “ We’re pleased to share the results of another year of significant financial growth. A 9% growth in revenue is a strong result in any year, but 9% following a year of 30% growth is outstanding and comes as a direct result of the talents and dedication of all my colleagues at TLT – something we’re rightly proud of.
“Following what has been another year of economic uncertainty, the firm has continued to grow and expand its offering by welcoming fantastic new legal and business talent. We have also doubled down on our investment to create a flexible, progressive and inclusive workplace introducing initiatives to support the individual needs of each colleague, allowing them to deliver a best-in-class service to clients.
“Like many in the legal sector we saw a drop in operating profit this year following the exceptional set of results in 2021/2022 and the subsequent impact of inflationary pressures. Even though operating profit reduced from the spike in 2022, it remained higher than in 2021. We have continued to make material investments in our people and our sustainability initiatives including our move to market leading sustainable offices in Glasgow and Manchester, along with our pledge to science-based targets. It is in more challenging economic times when you find out who is really committed to making a change.”
