CVS Solicitors was founded in 1994 and over the last nine years its fee income has grown at a rate equivalent to 28%, compounded each year: a total of 600%. One of the most interesting challenges facing the firm has been the management of the ensuing changes.
2002/3 was another year of steady growth. Building on an increase in fee income in 2001/2 of 40%, in 2002/3 we achieved 31%. Work in progress at the year-end is reasonably buoyant, given the general climate for the professional services sector in the Capital. Whilst spectacular growth is unlikely in the months ahead, we envisage a continuing expansion of the firm and the sectors which it serves.
The Property, Dispute Resolution and Private client departments at CVS all experienced growth of at least 20%. Only the Company Commercial and Employment departments experienced a flat year, but this was against a world downturn in business activity. There was a heartening increase in substantial instructions for these departments at year-end, some in new sectors of our practice, which augurs well for the future.
Stellar growth was experienced in the Property department, where fee income rose by 75%. A substantial part of the work the department handles is to provide creative, totally packaged, solutions on high value transactions valued from £1m to in excess of £100m. We are often first to be made aware of a proposed institutional sale, and have clients who are able to move decisively to close the relevant acquisition. At our year-end current instructions on portfolio acquisitions totalled in excess of £300m.
The Dispute Resolution department (up 26%) settles most cases it handles before trial, in line with the expressed intent of that team. Of the 94 cases handled during the year only one went to trial. The department increased the range of instructions during the year. Christine Housby was appointed partner in May and now heads up the Dispute Resolution department.
Private Client work has steadily grown over the last few years, achieving an increase of 20% in 2002/3. Clients increasingly recognise the need for a holistic approach to a review of their estate planning.
Having already had to move premises twice in the last eight years to accommodate expansion, we wish to try to stay at 17 Albemarle Street for as long as possible. To this end much of our back office work is dealt with over an expanded secure network, and we intend continuing to develop this and our other systems, to maintain our competitive edge. Our headline hourly charge out rates for partners were approximately 20% below the average of comparable law firms during the year.
2002/3 saw three qualified personnel join us. Juliet Ryder had done some locum work for us the previous year and became an Associate in the Commercial Property department in 2003. Her expertise in development work will be a particular asset to us. Matt Williams was a trainee with us and has stayed on following qualification, again in Commercial Property. Patrick Nicholls joined as consultant, dealing largely with his political and international connections. We also recruited two further trainees. Mark Machray was made up to Associate in the Company Commercial department in December. Our Partnership Secretary, Pratibha Makwana, qualified as a Certified Accountant in October 2002 and takes increasing responsibility for the management of the firm.
We were fortunate to retain all our qualified personnel throughout the year and their loyalty and commitment, as well as that of our support staff, are much appreciated.
