Local authority-owned law firm LGSS Law has reported a return to profit having made a profit of £349,612 in the last financial year, after enduring a “challenging” couple of years.
According to the firm, having spent 2019/20 reviewing its practices and processes, it was able to increase turnover by 8.3% and reduce its operating costs by 9.7%. It also reduced the amount owed by its creditors by £2,628,000.
According to the firm – which is jointly owned by Cambridgeshire County Council, Northamptonshire County Council and Central Bedfordshire Council – the COVID-19 pandemic led to a workload increase in March 2020 and throughout the lockdown. Early indications are that 2020/21 will be another positive year for the firm, LGSS Law said.
Professor Stephen Mayson, Non-Executive Chairman of LGSS Law, said the firm “has faced a challenging couple of years”.
He added: “With the support of shareholders and the commitment of our staff, the new board has been able to focus on the core purpose and performance of the business - delivering timely and effective legal services to the public sector.
“Under the leadership of the Executive Director, Debbie Carter-Hughes, the company has achieved a significant turn-around and is now well-placed for further development and success.”
A new Non-Executive Chairman was appointed in April 2019, a new Non-Executive Director was appointed in July 2019, and the Interim Executive Director was made permanent in her role in August 2019.
The announcement follows the previous year’s report which showed that LGSS Law made a loss of more than £1.2m in 2018/19. The firm also saw turnover fall from £8.7m to £7.8m in 2018/19.
Following the firm’s 2018/19 accounts report, a report published in March 2020 showed that LGSS Law was being restructured with an injection of £1.425m of equity capital shared equally between its three shareholding authorities.