The UK's largest law school enjoyed bumper financial results following pandemic, with profits rising steeply, latest figures show. According to accounts published this week for the 18 months to 31 May 2022, the University of Law reported profit before tax of £39.3m on revenue of £233m.
On a like-for-like basis based on average revenue per month, the company’s profit before tax increased by 63% and revenue by 34% on the previous reporting period, the 12 months to November 2020,
As with many higher education establishments, the lockdown forced a change in how courses were run. While all ULaw UK campuses reopened for staff and students in September 2020, the university continued to offer online and blended learning courses.
In the 18 months to May 2022, the company reported revenue of £225.5m from course fees (effectively increasing by 36%) and fee income from non-qualifying courses of £6.5m (an effective rise of 81%).
One of the biggest developments was the launch of courses for the Solicitors Qualifying Examination, starting in January 2021 with a 10-week online study of the law required for the assessment. This was followed by the SQE1 preparation course starting in September 2021.
Professor Andrea Nollent, vice-chancellor and chief executive, said ULaw had consolidated its position as the UK’s leading law school and come through what she called the ‘challenging backdrop’ of the pandemic. ‘During the last two academic years, we aimed to keep our campuses open for face-to-face study as much as possible, whilst successfully offering the "study guarantee" that provided flexibility for students to switch between face-to-face and online study,’ she said.
Noting that ULaw ranked 47th among 113 universities in England in the 2022 National Student Survey, Nollent added: ‘We will be focusing our attention on the service provided to students and seek to return to the sector-leading position that we had achieved previously.’
The university operates eight UK campus locations plus the campuses of eight partner universities in the UK, plus courses delivered at campuses in Berlin, Hong Kong and online. An agreement has been reached to start teaching at Royal Holloway, University of London, from the 2023/24 academic year.
The university has also secured contracts to train sponsored students at Clifford Chance, Taylor Wessing, White & Case, Farrer & Co and Muckle.
The previous incarnation of ULaw, the College of Law, was sold to private owners in 2012 and £200m paid into a charitable foundation, the Legal Education Foundation.
Netherlands-based Global University Systems bought the company in 2015 and continues to be the ultimate parent company.
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