Stonking Small Caps: fantastic results and increased dividend
This challenger law firm operates an innovative business model which is attracting a growing number of lawyers. We were previously wary of its lofty valuation and slowing growth, but it continues to confound the critics, delivering significant growth in the most challenging of environments, with an operating model that looks well-suited to the post pandemic world of working. We commented how the shares had fallen back in 2022, offering a great opportunity to pick up shares in this excellent company on the cheap. The latest results brought another nice increase in the dividend to add to the special dividend earlier in the year. (IHT Qualifying)
Conventional UK mid-market law firms have, for several years, suffered from pressures brought about by the increasing commoditisation of many of their services, as well as the general economic climate. This has resulted in ongoing pressure on fee income which has been compounded by increasing overheads, in particular expensive property costs.
With experienced lawyers pushed to maintain unsustainably high levels of billing, while also being expected to drive business development and be fully involved in…
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