Private wealth sector at Kent law firm sees record growth in Q2

More higher value work has led to a 38% increase in income year-on-year for the private wealth sector at Bromley-headquartered law firm Thackray Williams.

Income in private wealth in the second quarter this year was up 38.3% compared to the second quarter of 2023 due to an increase in both the number of matters and average billing per file.

Elliot Lewis, who has headed the private client department since 2014, said; " The growth is attributable to us attracting higher-net-worth clients, which is a result of our proactive strategy of nurturing our professional networks, such as financial advisers and other professional referrers.

“Restructuring to bring the Private Client and Family teams into one sector also enables us to provide holistic, more rounded support for our clients, proactively anticipating and meeting their needs."

In Q2, the firm's private wealth sector opened 22% more matters than in Q2 2023, with the average bill per matter up 15% over the same period.

To service the increase in demand, the sector has also increased its staff by 45% in the last 18 months, employing seven new solicitors, including a recent recruit for its Sevenoaks office. It is also looking to recruit another senior solicitor for the London office.

Stuart Ruff, head of the family team, noted: "We’ve created a virtuous circle that has meant more, higher-value and more interesting work, which has in turn led to more word-of-mouth referrals from both clients and introducers, while also enabling us to attract some exciting new talent to help service our growing client base."

Anthony Macey, head of the private wealth sector and private client partner, added: "Our target for the remainder of 2024 is to continue to grow the sector’s fee income by a projected further 16%, following the 18% increase we achieved in our last financial year."

Thackray Williams is one of London and Kent’s leading law firms. With offices in the City of London, Bromley, Sevenoaks and West Wickham, it has more than 140 staff.