TLT reveals another year of financial success and growth

TLT has announced another year of strong financial results with 12% year-on-year increase in turnover for 2023/2024. 

Annual revenue is up to £174m from £157m in 2022/2023. Results for 2023/2024 were recorded over an 11-month period and subsequently annualised after TLT changed its accounting year end from 30 April to 31 March. 

TLT’s success has been attributed to a series of initiatives introduced as part of its national strategy focused on providing innovative, forward-thinking and best-in-class legal services to clients, together with delivering a progressive workplace agenda with market-leading sustainability.

Notable initiatives introduced in the last year have included high-profile client wins, significant partner hires, and expanding the firm’s national office network. Notably, by opening its first office in Birmingham, marking its seventh overall. Furthermore, TLT has welcomed 13 new partners and has grown its overall headcount to over 1,700 colleagues, further strengthening the breadth and depth of its offering across its focus sectors.

Growth across the firm’s focus sectors has driven revenue increase with major projects for central and local government, as well as advising on several high-profile matters for financial services clients and supporting on some of the UK’s most ground-breaking future energy initiatives. The firm has also retained its place on high-profile legal panels in the public and private sector, demonstrating the long-term value it is providing to clients.

Some examples of standout client work have included advising Barclays on the widely publicised Philipp V Barclays Bank UK PLC case, advising Intelligent Land Investment Group PLC on the sale of the landmark Red John Pumped Hydro Scheme in Scotland and winning a milestone High Court claim on behalf of the online retailer easyCOSMETIC. In addition, the firm’s successes in the future energy sector, have resulted in TLT ranking in the top three most active global law firms for clean energy M&A deals in Clean Energy Pipeline’s 2024 Clean Energy Legal League Table.

Beyond client work, TLT’s financial success has been linked to its market-leading people strategy focused on improving inclusivity and diversity at all levels of the firm. In March 2024, TLT promoted five female colleagues to partner and launched a new target to see women in 50% of partner positions by 2029 after it successfully reached 33% female representation at partner level two years ahead of target.

The people strategy has spearheaded efforts to improve accessibility to the legal industry through offering graduate and apprenticeship schemes, as well as targeted outreach with organisations such as Social Mobility Business Partnership and Aspiring Solicitors, and setting a new target to achieve 35% ethnic minority representation across early career roles by October 2030. These efforts resulted in TLT being ranked 47th in the Social Mobility Index 2023, moving up from 64th in 2022. 

TLT has continued to pave the way for sustainability in the market throughout the year, securing a B score from CDP for actions taken to tackle climate change and placing TLT among the top 32% of companies to reach the ‘management’ level in the specialised professional services sector. TLT’s upcoming move to Eden in Salford – the most sustainable office development in the UK – exemplifies TLT’s commitment to putting the environment first. 

John Wood, managing partner at TLT commented: “We have reported another year of record revenue. These outstanding results can be attributed, in no small part, to our dedication to upholding a positive culture where our people feel valued, recognised and rewarded, combined with a focus on providing exceptional legal services to our clients.

“We have continued to expand our national presence by investing into our seven locations, including opening in Birmingham this year. We are making a significant impact across the UK legal the market, this is evident through the calibre of talent we attract to the firm, as well as our achievements across our key sectors. 

“TLT continues to be one of the fastest growing law firms in the UK and we have robust plans to continue and accelerate this trajectory in a sustainable and successful way.”