HCC Solicitors, a personal injury law firm, has reported a significant turnaround in its financial performance, supporting its national expansion strategy.
- After two years of financial losses, HCC Solicitors has returned to profit, achieving a pre-tax profit of £1.2 million by April 2023.
- The firm’s turnover increased significantly by almost 30%, reaching a total of £10.5 million, indicating robust growth.
- Strategic expansion efforts include opening a new office in Plymouth, alongside bolstering their London team with key hires.
- The firm has adjusted its business model in response to industry changes, which has been integral to its recent success.
HCC Solicitors has reported a successful turnaround in its financial health, recording a pre-tax profit of £1.2 million by April 2023, after enduring two years of financial losses. This marks a significant recovery for the Manchester-based law firm, which specialises in personal injury cases.
In the financial year ending in April 2023, HCC’s turnover increased by almost 30%, reaching £10.5 million. This growth contrasts with the previous two years, where the firm faced substantial losses. These earlier financial challenges were in part due to governmental reforms affecting the recoverability of legal costs in low-value road traffic accident cases.
To address these challenges, HCC Solicitors re-evaluated its business model. The firm successfully reduced its work-in-progress value and decreased debts to creditors by 40%. Moreover, HCC retained over £500,000 in cash reserves and enhanced its net assets by 55%, totalling £3.2 million by the end of 2023.
As part of its strategic expansion plan, HCC has opened a new office in Plymouth to extend its services nationally. This office will focus on representing individuals who have sustained life-changing injuries as well as families affected by fatalities. The Plymouth office will be led by Hollie Muckley, who has a background in high-profile inquiries and complex public sector legal work.
Simultaneously, HCC is expanding its existing operations in London by recruiting key personnel. Two senior associates, Elizabeth Hayward from Clyde & Co and Heather Petrie from Bolt Burdon Kemp, have been hired to enhance the firm’s capacity in handling serious injury cases. This expansion underscores HCC’s commitment to growing their team of specialised injury lawyers across the UK.
According to David Horwich, director at HCC, the firm’s recent financial results reflect the substantial investments made in geographic expansion and talent acquisition. Horwich noted the firm’s dedication to continuing this investment as part of their strategic plan, confident in their ability to serve clients effectively on a national scale.
HCC Solicitors stands poised for further growth, leveraging its financial recovery to expand its reach across the UK with strategic office openings and key hires.
