Carbon Law Partners has delivered a second set of solid results in the COVID year. Full year results to 31 March 2020 showed a pre-tax profit of £113,000 marking a significant improvement on previous years. Half year management accounts for the 6 months to 30 September 2020 continue the profit trend.
Michael Burne commented: “Carbon Law Partners has produced pleasing profitable results both at its year end and continuing now. COVID-19 has created challenges for many law firms, but we have continued to grow our key metric of productivity per partner throughout the period.”
Since COVID-19 became part of our lives, Carbon Law Partners has added 4 new Partners in a range of disciplines. All of the new Partners have made a great start with the firm and their practices are growing already. During the year a further 2 Partners have joined the “Five”. That is Partners with more than 5 years at Carbon Law Partners. Together the members of Five have generated millions of pounds of fee income for the practice and built great businesses for themselves and their families.
In uncertain times, sound financial management is key. Michael Burne noted that “our stewardship of the numbers has focused on excellent cash management and a focus on quality. I imagine there aren’t many law firms that can say they haven’t used their bank overdraft once since December 2019 in this year of all years. These results and sound management are together enabling the business to invest in long term growth plans. I pay tribute to our colleagues, partners and suppliers who have pulled together to deliver a good performance.”