Law firm reports record year
Law firm Mills & Reeve has enjoyed another stellar year with turnover rising to a record £106.3m, with the Leeds office seeing fee income rise 27%.
As a result of the strong financial performance the firm has announced the largest ever all staff bonus pool of £2m, equivalent to 7% of the firm’s salary bill. This equates to a bonus of £2,273 for every full-time employee who has been with the firm for at least a year.
In the Leeds office, fee income was up 27% following significant client wins, high profile lateral hires and expansion into new areas. Most recently Martin Priestley joined as a commercial partner from Pinsent Masons while the office launched its agribusiness team with the arrival of Andrea Newman and Nichola Ross.
Philip Way, head of the Leeds office, said: “It has been another excellent year at the Leeds office as we have continued with our growth strategy. We have won significant new clients across the private client and commercial teams and expanded our range of services to clients. We are still actively recruiting at all levels and look forward to another successful 12 months.”
The results benefited from the successful merger with London law firm Maxwell Winward in June 2017, which accounted for 41% of the turnover growth.
Claire Clarke, Mills & Reeve managing partner, commented: “We are delighted by this strong financial performance which was achieved through the hard work of our people in delivering the expertise, service and results that our clients demand. One of the key objectives of our 2020 strategy was to achieve £100 million turnover and the fact that we have realised it two years early is testament to the success of our collaborative culture.
“Everyone at Mills & Reeve contributes to the firm’s success and therefore it is only right that our people get to share in this with the largest ever all staff bonus.”