The firm smashed its goal of reaching £20m turnover two years early and by over £1m. Year-end figures for Express Solicitors increased from £14.5m in 2018 to £17m in 2019 while its sister medical company Ontime Reports Limited contributed a further £4m.
Caseloads have grown from 10,949 to 13,611, an increase of 25%, over the same period thanks to continued long term support from Royal Bank of Scotland.
It is the firm’s ambition to reach £25m turnover within three years, despite the challenges that will arise from reforms to the personal injury sector from April 2020, which will involve much-reduced damages for RTA claims, alongside a new £5,000 small claims limit.
During 2018 to 2019, Express Solicitors added 62 new members of staff to its team, a growth of 24% across all departments, with the total number of employees totalling 320 including 30 Partners. In addition, the firm made 28 promotions, across all levels and departments, while five trainee Solicitors qualified and were admitted onto the roll of Solicitors
As part of its ambitious scale up, Express Solicitors has further expanded its office space by leasing a floor at Hatro House in Northenden, South Manchester, which is now home to the firm’s costs department.
Express Solicitors says its rapid growth is thanks to substantial marketing spend, which saw some £6m committed in television, radio and internet advertising campaigns during the year and its commitment to quality lateral hires, who will be able to offer quality legal advice to injured clients and also have the business acumen to work in a different PI environment.
The firm has also invested in a Training Academy, which was set up this year to ensure young lawyers meet the quality standards expected of them in terms of client care and legal expertise.
Managing Partner James Maxey said: “This year we’ve reinvested back into the business and scaled up with an eye firmly on the upcoming changes in the PI market.
“Importantly, we’ve increased the quality and quantity of lateral hires to ensure we’re ready for the challenges ahead. Despite the significant investment we’ve made, we’re delighted to still be seeing steady and solid growth, and this is thanks to the hard work of everyone in the firm.”