MTG sees profits during first year

PRIVATE client law firm Maurice Turnor Gardner (MTG) is the first City legal practice to give an indication of the 2009 financial year after the firm reported profits of roughly £2m.

MTG, which spun off from “magic circle” firm Allen & Overy (A&O) last year during a restructuring, said that it had emerged as “comfortably profitable” despite the economic downturn which saw some law firms experience a 50 per cent drop in profits.

Senior partner Claire Maurice said: “We have had an extraordinary year. We have established ourselves, grown our client base, opened a new office and hired new staff . I am thrilled with what we’ve achieved in such a short time.”

During the year the firm won over 100 new clients, including a raft of start-up companies and landed spots on Barclays, Royal Bank of Scotland and Nationwide’s coveted legal panels.

The news is significant for the six-partner firm, which predominantly advises on private wealth and estate planning, after it launched just one year ago.

Meanwhile, the UK’s law firms are expected to report another year of profit and revenue declines, with revenue expected to fall by as much as 10 per cent, while profits per equity partner, the measure of a firm’s success, are expected to fall by roughly the same amount.

Law firms will start to report financial results towards the end of the month and continue into the summer with both A&O and Clifford Chance expecting to announce in July.