Conveyancing giant making £5m a year in client account interest
One of the UK’s biggest conveyancing firms enjoyed a stunning turnaround in fortunes in the last year, its accounts have revealed. O’Neill Patient Solicitors LLP, based in the north west, reported an operating profit of £2.8m in its full-year results for 2024. This followed a 2023 year in which the business reported an operating loss of £1.3m.
In total, the five members were able to share £4.8m at the end of the year.
The annual results also give an insight into the continuing importance of interest receivable on client accounts – particularly for firms heavily involved in conveyancing. Income from this interest came to £5.1m in total – up from £4m the previous year.
The issue of client account interest has been heavily debated this year, with the government mooting the idea of redistributing this money to access to justice projects and the Solicitors Regulation Authority consulting on the idea of scrapping the client account altogether.
The Law Society’s benchmarking survey earlier this year found that more than a fifth of profit per equity partner was generated through client account interest in the latest financial year.
One of the UK’s biggest conveyancing firms enjoyed a stunning turnaround in fortunes in the last year, its accounts have revealed. O’Neill Patient Solicitors LLP, based in the north west, reported an operating profit of £2.8m in its full-year results for 2024. This followed a 2023 year in which the business reported an operating loss of £1.3m.
In total, the five members were able to share £4.8m at the end of the year.
The annual results also give an insight into the continuing importance of interest receivable on client accounts – particularly for firms heavily involved in conveyancing. Income from this interest came to £5.1m in total – up from £4m the previous year.
The issue of client account interest has been heavily debated this year, with the government mooting the idea of redistributing this money to access to justice projects and the Solicitors Regulation Authority consulting on the idea of scrapping the client account altogether.
The Law Society’s benchmarking survey earlier this year found that more than a fifth of profit per equity partner was generated through client account interest in the latest financial year.
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