Legal 500 Norwich based legal Practice, MJP Solicitors, will soon be following the path taken by many of the Country’s leading lawyers by incorporating their business as a Limited Company.
From 1st May MJP Solicitors will be creating two new companies – MJP Limited and MJP ConveyancingLimited – with the view to add strength to their already successful national clinical negligence and conveyancing services.
They will be part of a growing trend of legal practices taking steps to bring their business into line with modern day thinking on taxation and succession issues.
According to Solicitors Regulation Authority (SRA) figures, 2,400 of the 10,973 law firms as of July 2012 were incorporated companies, compared to 1,898 a year before – a rise of 26%.
This move comes on the back of a very successful year for MJP who have seen their profits treble through the expansion of their clinical negligence and conveyancing offerings.
David Jones, head of the MJP clinical negligence team, explains how despite the recent withdrawal of public funding and some of the worst trading conditions in the business’ history, he has seen business go from strength to strength:
“Trying to anticipate trends and careful forward planning has been the key. This coupled with an investment in IT of over £80K and some focused marketing has helped us retain a national reputation in helping families all of the country with the consequences of surgical and treatment failures”.
“Many clinical negligence lawyers receive a bad press, but what is often overlooked is how lawyers like us have helped to provide a good and rewarding quality of life to many victims who through no fault of their own have suffered life changing injuries. I also believe that due to our work we have helped to raise standards within the health service industry.
Commenting on the recent withdrawal of public funding and welfare reforms, Mr Jones remains upbeat:
‘Gaining access to legal services of the type we provide will be more difficult but we have several options and ideas on offer which will ensure that we will remain highly accessible to victims who wish to seek advice and support from our team of specialists.
Another part of the success story has been high level of growth in the property division of the business.
“ We have over the past 12 months moved over 5000 clients”, states Head of Residential Property, David Pett. He adds “that despite the slowdown in the property market, we have seen over the past 18 months, the level of completed transactions increase from around 20 to over 200 each month.
Much of the success for this lies with the “in house’ creation of an online tracking and property log book IT system. This allows estate agents and clients to track the progress of the transaction and with our unique Property Log Book we have been able to offer our clients added value to accompany a very competitive fee structure”.
Looking forward there exists, as Mr Pett explains, a positive plan for growth:
“We continue to recruit new staff and are already looking to expand the business further through careful acquisition decisions. We are on the constant look out for other providers of property related legal services that may be looking to be part of the exciting plans we have for the future. Our aim is to be one of the largest providers of conveyancing services in this region within the next 5 years”.
MJP Solicitors – contact DavidPett on 01603 887067 for further information