A NORTH-EAST law firm has revealed record turnover after a fifth consecutive year of growth.

Ward Hadaway, which has offices in Newcastle, says annual turnover increased to £33.5m for the year to April 2014.

Bosses say they achieved the financial milestone despite a background of intense competition.

The firm has seen growth of 20 per in the last five years, and now employs almost 450 staff across the North.

The company said its litigation department’s turnover now stands at £16m, with its property team seeing fee income grow by nearly 16 per cent.

Its property lawyers have also advised supermarket chains, housebuilders and worked on a £160m school building programme.

Jamie Martin, managing partner, said: “Competition in the legal market place is intensifying with the arrival of new entrants and existing firms looking to grow their market share as a result of consolidation.

“Set against that backdrop, and the need to keep costs under control, the fact we have continued to grow our business across all three offices is very pleasing, with a number of practice areas seeing significant growth.”

Its team has also been involved in a number of projects in the energy sector, advising on a series of renewable energy developments across the North and on schemes in the offshore, oil and gas and chemical sectors.

The company’s corporate team advised on a raft of deals for clients, including venture capital investors and major transactions such as the AIM flotation of Applied Graphene Materials, which is based at Wilton, near Redcar.

Mr Martin added: “There are certainly challenges ahead and we remain vigilant on costs, competition in the legal sector, and the shape the economic recovery is taking.

“We look forward to the future with confidence and to continuing to provide high quality, accessible legal services to our clients.

“We have continued to grow our workforce and invest in the North-East economy.

“Ours is a story of a business headquartered in Newcastle, taking its expertise to other parts of the country, while growing in its home territory.

“We are immensely proud of that achievement.”