National, top 50 commercial law firm, Freeths LLP, is paying back in full the funds received from the government’s Job Retention Scheme, following an exceptional effort in exceeding the firm’s 2020/21 COVID-adjusted targets.
Along with repaying the furlough monies, Freeths has also repaid staff for a 3-month salary reduction, paid all staff an 8.5 per cent bonus and accelerated the annual salary review.
Freeths’ Chairman, Julian Middleton, said, “Thanks to the exceptional efforts of our hard-working partners and staff, and the strength of our client relationships, the year ultimately turned out much better than we expected. We were rightly cautious in our approach to the pandemic, but avoided the worst of the impact. We believe that paying back the furlough funds is very much the right thing to do.”
He added, “We really appreciate the way that all our people came together to support our clients through such a difficult period. With the end of lockdown in sight, we are in a strong position to continue to provide an inclusive and rewarding place for our people, and to deliver excellent service to our clients.”
Karl Jansen, National Managing Partner at Freeths, said: “Following review of our year end position, we are in a stronger position than we anticipated when the pandemic first hit.
A great deal of hard work and effort went into achieving the excellent year end result, with the firm exceeding £100m turnover for the second year in succession and exceeding budget by over 6%”.
With an income of nearly £102m in the last financial year, Freeths has moved to a national ranking of 45 in the Top 100 UK law firm listing published by The Lawyer magazine.
The rapidly growing national law firm provides nationwide coverage from 12 offices in Birmingham, Bristol, Derby, Leeds, Leicester, Liverpool, London, Manchester, Milton Keynes, Nottingham, Oxford and Sheffield, and is embracing the benefits of more agile working.