Manchester Law Firm Posts £9.8m Turnover with £133m Claims Pipeline and Strong Growth Momentum.

At a glance

Veritas Solicitors, a Manchester law firm, reported a £9.8 million turnover and a £133 million pipeline of claims, driven by record housing disrepair cases and growth in financial mis-selling claims. The firm invested £650,000 in technology to improve efficiency and support future growth, despite an operating loss of £13.8 million largely due to interest costs on funding arrangements. The firm aims for sustained expansion by continuing to invest in technology and litigation funding.

Manchester firm Veritas Solicitors has reported a turnover of £9.8m in its latest accounts, with a £133m pipeline of live claims and continued investment in infrastructure and technology to support future growth.

The 2023-24 period saw turnover remain consistent with previous periods, reinforcing the firm’s steady growth trajectory and resilient operating model.

It comes after claims for housing disrepair hit record levels during 2024, with 3,566 housing disrepair cases, 2,093 claims settled, and more than £3.6m in compensation secured for tenants.

Veritas invested around £650,000 in technology, software, hardware and in-house development to date, including the development of its first-ever Client Care app, bespoke internal systems and automation tools designed to improve efficiency across the business.

The investment is part of a wider strategy to scale operations, improve case handling efficiency and support higher volumes of litigation across its core practice areas.

A number of long-running matters, including the Angel decision, have taken several years and remain ongoing, with the firm continuing to await outcomes as part of its broader litigation strategy.

Despite this, financial mis-selling (FMS) is also emerging as a significant area of growth for the firm, with around 11,000 affordability claims currently progressing through the business. Veritas Solicitors said that the FMS department was now stronger than ever and is anticipated to be a key driver of future growth.

The firm currently has around £133m worth of work in progress (WIP) across housing disrepair, FMS, industrial disease and medical negligence claims, representing a significant pipeline of potential future revenue.

The latest accounts show an operating loss of around £13.8m for the year, with approximately £11.6m of this relating to interest costs on funding arrangements used to support legal claims and client disbursements. These arrangements enable the firm to finance cases on behalf of clients without requiring significant upfront costs, supporting the volume of claims in progress.

The accounts also include revisions to the firm’s 2023 results following a review of litigation-related costs, resulting in a significantly stronger position than first reported.

The 2023 loss was revised from £7.4m to £2.9m following the review, reflecting a stronger underlying position than previously reported.

Managing Partner Faraz Fazal said:
“These results reflect a deliberate decision to invest in the future of the business and in the clients we represent.

“We have continued to fund claims, invest in technology and improve the way we work because we believe access to justice should not depend on someone’s ability to pay significant upfront legal costs.

“The approach has helped us achieve record housing disrepair results, build a substantial pipeline of work and continue growing across several practice areas.

“The future is bright for Veritas. We are full steam ahead, and our Financial Mis-Selling department is going from strength to strength.

“We remain committed to investing in the people, systems and technology that will allow us to support more clients and improve the service we provide.”

Looking ahead, Veritas Solicitors says its combination of a growing caseload, £133m work in progress and continued investment in technology and litigation funding, positions the firm for sustained expansion across its core practice areas.