Profits up by more than a quarter at Manchester law firm
Manchester law firm JMW Solicitors saw its profits increase by more than a quarter last year.
Income at the firm climbed from £25m to £32.5m, a 30% increase. Provisional Profit increased by 26% from £4.6m to £5.8m.
Over the last five years revenue has increased by 91% from £17m to £32.5m and profit from £3.5m to £5.8m.
The number of equity members has averaged at ten over this entire period. The firm announced six new equity members in May who will share in the profit for the year ahead.
During the last year, most departments have continued to increase revenue and gain new clients.
The business crime & regulation team led the way with an increase of 58% followed by the private client team with a 43% increase.
Fees also grew substantially in family law (37%), corporate cecovery and insolvency (35%) and corporate (23%).
Total files opened across the firm grew to over 21,000, a 15% increase on the previous year.
In 2018, JMW was listed at number 25 in the Sunday Times Best Companies to Work for and are placed at number 96 in the Lawyers Top 100 UK Law Firms by revenue.
Staff numbers in the past five years have increased from 238 to 440 at present, which is a significant increase of 85%.
JMW Senior Partner Joy Kingsley said: “We are delighted to have enjoyed another year of record financial performance and extremely pleased to see continued growth for all our departments.
“We are proud that our unswerving concentration on our clients business as well as our own strategy continues to pay dividends. The addition of new Partners and their clients, coupled with the existing strong JMW team, ethos, skills and client care has led to this increased success.”
Paul Walker, managing partner at JMW added: “We are pleased by the continued growth of the firm across all of our departments and we are committed to building on our great achievements to become the law firm of choice for clients across all our disciplines.
“We very much appreciated the efforts from all of our partners and staff at JMW in achieving these excellent financial results yet again.”
