JMW on track for record year
LAW firm JMW is on course for a record year after revolutionising its business.
The Manchester firm, led by managing partner Bill Jones, took the bold step of exiting criminal legal aid practice – and abandoning £2m or 20% of its fee income – two years ago.
Since then it has built a commercial practice, transformed its business model and made two acqusitions. It now has 160 staff, including 26 partners.
Turnover in the next year should rise from £8.5m to between £9.5m and £10m.
Mr Jones, 60, who set up the firm, then called Jones Maidment Wilson, in 1978, says: “In the year ending 2007-08 we did £7.5m, we then gave up £1.5m in fees when the crime department left to join another firm.
“The year after that we grew turnover to £8m, which was phenomenal. Last year was £8.5m and we’re looking to get to £9.5m to £10m next year.”
He believes JMW has a very different culture to traditional law firms: “We are different. People are coming to us from bigger firms and chosing us because we are offering something different.
“We have also invested heavily in our new building, which has given us the platform to attract the best people.”
As well as the core legal practice JMW has other strings to its bow – a growing sports representation business with England stars Jimmy Anderson and Stuart Broad already on its client list. It has also acquired ML Solutions 4U, an online money laundering compliance training package for law firms, and You Claim, an Internet-based claims management business.
Such changes have come about as from the Legal Services Act (2007), which opened up the possibilities for lawyers to create alternative business structures under which they can form partnerships with non-lawyers and accept third party investments or operate under external ownership.
Mr Jones believes that one day – hopefully in the 10 to 15 years – JMW, which is fittingly located in the heart of Spinningfields, Manchester’s business district – will have reached sufficient scale that it could float on the stock market.
“The last four or five years have been incredible and we have created a ethos in the firm driven by pride, energy and enthusiasm for quality. I am proud in saying that we are a new breed of law firm”
