Annual statement: SOS reports strong trading year as year-on-year growth continues
Legal software and services provider Solicitors Own Software Ltd. (SOS) has reported another strong trading year with turnover and profits up from 2012, as well as high levels of client and employee satisfaction.
For the financial year ended 30th April 2013, the company has achieved:
- Turnover up by 8%
- Profits up by 15%
- Client retention 96%
- Employee retention 94%
David McNamara, Managing Director states: “Our current business plan focuses on carefully managed growth in a changing legal market whilst standing out for exceptional software and services. Once again, our annual results reflect that we are getting things right, this being our fifth consecutive year of year-on-year growth.”
Major wins included several six-figure deals for SOS Connect to replace a variety of mid-tier firms’ legacy systems including, IRIS Legal, Civica, LexisNexis Axxia and Elite Lawsoft (Pilgrim).
David McNamara explains: “Our expertise in data conversions means SOS Connect is proving to be the system of choice in law firm mergers and those firms reconstructing themselves, or where firms have been held back by their current supplier.”
In the financial year, SOS Connect product development included enhancements to the CRM & Marketing tools, new Billing functionality, Credit Control and Costs Management modules (for Jackson Reforms), and extending integration with the Claims Portal. Tailored workflows for PI, Probate, Wills, Debt, Conveyancing and Legal Aid were also delivered.
David McNamara adds: “With 25 years experience and 450 clients, SOS is highly in tune with the changing legal landscape and our clients’ needs. Our software aims to help our clients compete more effectively, reflected by a busy year in product development.”
Client retention remained strong at over 96%, as did client satisfaction seeing 100% of clients (who responded to feedback) agreeing they were satisfied with how their support call was dealt with. Over 100 clients attended the SOS User Group Annual conference with 94% of delegates rating the overall content as “excellent” or “very good”.
The Virtual Practices (VP) division of SOS for start-up and smaller firms has also expanded with over 50 legal businesses now using the hosted software and outsourced cashiering service. Client satisfaction was high with 94% of VP clients surveyed saying they would recommend the service to an associate.
To sustain client care, a range of new staff joined the company in the development, support and implementations teams, and staff retention hit 94%.
Strategic management projects included renewing Investors In People status (IIP) and launching new corporate values, company-wide key performance indicators and an enhanced project management process.
David McNamara concludes: “The new financial year will see another period of managed growth for the company. We plan to work with yet more progressive firms in the mid-tier with SOS Connect and we will expand further into the start-up and boutique market with VP.
“The company is in a strong position: we have a solution for 99% of the legal market, a committed workforce and client base made up of some formidable law firms that help drive our products forward. We would like to thank all our clients for their support and business in the last financial year.”