Law firm pays out big bonus on back of record turnover
Turnover at law firm Mills & Reeve rose 5.5%, reaching £131.2m with fee income rising 19% in the Leeds office following significant client wins in key sectors.
As a result of the strong financial performance, the firm announced an all staff bonus pool of £2.4m, £200,000 more than last year. This meant anyone working full time for the whole financial year received £2,231, while the bonus for those with five years’ service or more was £2,566.
The results follow a year in which the firm opened an office in Oxford, adding to its existing presence in Birmingham, Cambridge, Leeds, London, Manchester and Norwich.
Paul Johnson, head of the Leeds office, said: “Growth over the last 12 months has been exceptional and we have enhanced our presence in the key sectors of technology, food and agribusiness, health and care, education, real estate investment and private wealth following several client wins.
“We have continued to invest in our people with several high-profile lateral hires. The office gained five partners this year following four internal promotions and the arrival of intellectual property partner, Alex Newman.
“All our teams have had a strong performance as we continue to invest in and grow our business in this region.”
Justin Ripman, Mills & Reeve senior partner, said: “It is an important part of our culture that everyone shares in the financial success of the firm and our all staff bonus is a great example of this.
“On behalf of every partner in the business, I am extremely grateful for the role that everyone has played in winning work, being a leader in client experience and pulling together to support each other and push the business forward. Being able to pay a bonus reflecting the great performance of the firm is really pleasing.”