Kennedys Manchester merger as firm posts 8% revenue rise for 2016-17

Kennedys Manchester merger as firm posts 8% revenue rise for 2016-17

Kennedys has posted an 8% revenue increase alongside announcing the merger with Manchester firm Berg.

To accommodate growth in the city, Kennedys moved into larger premises in Manchester last year. Berg, which specialises in commercial law and banking and financial regulatory work will move into the new office with its 50-strong team by the end of the year.

Senior partner Reuben Berg commented: “We have turned down many opportunities over the years that weren’t the right fit to grow in the way we wanted. Kennedys is the right fit for us to take our entrepreneurial spirit into a global arena, without compromising our imaginative approach.”

Berg and chief executive Alison Loveday will join as partners with Kennedys, while Kennedys will undertake a TUPE consultation with the remaining staff of Berg to determine their appropriate roles. In a statement, the firm stated that the aim was to retain all existing staff if possible.

Kennedys senior partner Nick Thomas commented: “Our two firms are a complementary fit, and the merger allows us to offer clients significantly enhanced commercial litigation and complementary services.”

Kennedys financial results for 2016-17 announced revenue growing from £138.8m to £149.9m.

Headcount increased by 10%, increased partially by nine lateral partner hires and a merger with London shipping boutique Waltons & Morse.

Continental Europe saw a combined turnover increase of 118% from £6.5m to £14.2m and Kennedys Dublin office increased its revenue from £3.5m to £4.9m, a jump of 41%.

However, the firm has also confirmed that debt had increased to 14% of its turnover. Last year, the firm reported profit per equity partner of £458,000, an increase of 8% on the previous year.

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