National personal injury firm Minster Law posted profit after tax of £2.6 million for the year ended June 2025, up from £354,000 in the prior year, as a strategic pivot toward serious injury work lifted revenue despite a sharp structural decline in road traffic accident claims.
Turnover at Minster Law rose 16% to £42.5 million, with net assets increasing to £48.5 million.
Serious injury case volumes increased by more than 27%, while secured damages exceeded £86 million. Overall headcount grew 14% to 549 full-time equivalent staff, with the serious injury team expanding by more than 25%.
Minster Law plans to open a City of London office in the first half of 2026 to support further growth and improve access to senior specialist talent.
CEO Shirley Woolham said the firm's model centres on long-term partnerships with insurers and brokers. "We've built our business around long-term partnerships, predominantly with insurers and brokers, supporting customers injured in road traffic accidents," Woolham said.
The results come against a backdrop of declining claims volumes. A horizon scan published by the firm found that Q4 2025 RTA claims fell 24% year-on-year to 63,833 – the lowest quarterly figure on record – while annual motor claims dropped 14% to 282,428.
The trend reflects structural forces that have been reshaping the market since 2021. The Civil Liability Act 2018 and the Official Injury Claim portal, introduced in May that year, imposed a tariff-based system for whiplash compensation and created a streamlined route for low-value claims, reducing both volumes and the economic incentive to pursue them.
Read more: Minster Law reports return to profit
Vehicle safety technology has compounded the effect, with Thatcham Research noting that advanced driver assistance systems are contributing to fewer collisions.
Yet average claim costs have moved in the opposite direction. The Association of British Insurers has reported that the average cost of motor injury claims has risen materially, driven by higher medical, rehabilitation, and care costs for serious injuries.
The firm's £42.5 million turnover places it alongside Slater and Gordon UK, which reported revenue of approximately £48 million in its most recent financial year, and Thompsons Solicitors, which industry estimates place in the £40–60 million range.
Irwin Mitchell, with revenues of approximately £394 million, sits a tier above but remains a relevant comparator given the scale of its personal injury division.
Woolham said the firm is targeting turnover of £100 million by 2030 through organic growth and selective acquisitions, and indicated it is open to conversations with vendors seeking a home for serious injury books and talent.
Ian Leech, chief executive of parent company BHL(UK) Holdings Limited, said the firm is well positioned.
"As shareholders, our role is to take a long-term view, give the business the backing it needs, both in terms of working capital and investment, to continue developing a market-leading proposition," Leech said.
