National law firm TLT has posted a double-digit revenue increase for the past financial year, the latest UK firm to post positive financial results despite a tough market backdrop.

Turnover rose 12% to £174m on an annualised basis, though the firm didn’t disclose profits or profit per equity partner. TLT adjusted its financial reporting dates for this period, which ran for 11 months from 30 April 2023 to 31 March 2024.

John Wood, TLT’s managing partner, said: “We have reported another year of record revenue. These outstanding results can be attributed, in no small part, to our dedication to upholding a positive culture where our people feel valued, recognised and rewarded, combined with a focus on providing exceptional legal services to our clients.”

The firm attributed that performance to making significant partner hires and expanding its national office network, including its Birmingham office launch – its seventh overall. It has now grown its total headcount to more than 1,700, with 13 partner additions during that period. In March, TLT promoted five female lawyers to partner in a women-only round and launched a new target for women to hold half of all partner positions by 2029, having hit its target to reach 33% representation two years ahead of schedule.

In addition to its gender equality plans, TLT has also been seeking to improve the proportion of lawyers from under-represented groups by teaming up with organisations including Social Mobility Business Partnership and Aspiring Solicitors. The firm has set a new target to achieve 35% ethnic minority representation across its early career roles by October 2030. TLT was ranked 47th on the 2023 Social Mobility Index, up from 64th place in 2022.

The 12% revenue jump was also attributed to its project work for central and local government and advice on energy initiatives. Standout client work has included advising Barclays on its Philipp v Barclays Bank authorised push payment fraud case, as well as advising Intelligent Land Investment Group on the sale of the Red John Pumped Hydro Scheme in Scotland and winning a High Court claim on behalf of online retailer easyCOSMETIC that it had not infringed easyGroup’s trademarks.

Wood added: “We are making a significant impact across the UK legal market; this is evident through the calibre of talent we attract to the firm, as well as our achievements across our key sectors. TLT continues to be one of the fastest growing law firms in the UK and we have robust plans to continue and accelerate this trajectory in a sustainable and successful way.”