In an impressive feat, law firm Mills & Reeve has reported a record turnover of £168 million for the financial year 2023/24. This represents a remarkable 14.1% increase compared to the previous year.
Meanwhile, the Manchester office experienced an over 11% rise in fee income. This growth was driven by client wins, new hires, and the launch of new practice areas. Notably, the firm has already surpassed its ambitious targets set for 2025, achieving them a year early.
Record-Breaking Revenue
Law firm Mills & Reeve has announced a record turnover of £168 million for the financial year 2023/24. This marks a 14.1% increase from the previous year. The firm surpassed its ambitious targets set for 2025, achieving them a year in advance.
Manchester Office Performance
The Manchester office saw its fee income rise by over 11%. Contributing factors included client wins, lateral hires, and the launch of new practice areas. Significant hires, such as partner Simon Prendergast to lead the new banking team, and private client partner Christopher Noel, were instrumental in this growth.
Notable Hires
The office also welcomed Ruj Dev, the new chief financial officer. Chris Ross, head of the Manchester office, commented on the year’s success and noted the significant increase in headcount. “We’ve continued to enhance our presence in key sectors,” he said, pointing to new hires and increased sector activity in technology, life sciences, food and drink, and healthcare.
Strategic Investments
Managing partner Claire Clarke highlighted the firm’s strategic investments over the past year. She noted that there were 22 new partners and a new Birmingham office added. These moves are part of the firm’s strategy to strengthen its market position and offer an exceptional work environment.
Bonus Pool
The record turnover has led to the highest ever all-staff bonus pool of £3 million. Staff will receive bonuses ranging from £2,420 to £2,783. Claire Clarke expressed her pride in the team’s hard work and dedication, emphasising the importance of rewarding staff contributions.
Future Directions
The firm is committed to enhancing systems and technology. Future plans also focus on sustainability and wellbeing. Clarke stated, “As we look to the future, we remain dedicated to ensuring we are leaders in the legal marketplace.”
Growth Strategy
The firm is pressing ahead with its growth strategy. Plans include recruiting highly-skilled lawyers and expanding the client base in the North West, across the UK, and internationally. The aim is to build on the firm’s success and keep pushing forward with development initiatives.
Expansion in Key Sectors
Mills & Reeve has enhanced its presence in key sectors over the past year. This includes sectors such as technology, life sciences, food and drink, and healthcare. The firm has made significant investments in these areas to support their growth and client needs.
Recognition of Hard Work
Chris Ross, head of the Manchester office, praised the team’s efforts amid a challenging backdrop. “All teams have had an excellent 12 months,” he said, acknowledging the hard work and dedication that contributed to the firm’s success over the year.
In summary, Mills & Reeve’s financial success in 2023/24 demonstrates their robust growth and strategic vision. The firm’s achievements reflect both individual and collective efforts across various offices and sectors.
Their commitment to rewarding staff contributions and investing in future growth ensures they remain a leader in the legal market. Their results stand as a testament to their dedication and strategic planning.