Growing client portfolio boosts results at law firm

Law firm Mills & Reeve has reported double digit increase in turnover in its latest financial results

Turnover for 2022/23 grew by 12%, beating a planned growth target of 11.4%, to reach a record high of £147m.

In the company’s Leeds office, fee income was up 19% on the back of client wins and lateral hires.

Over the course of the year, Mills & Reeve increased its partners to 158, the highest number ever, driven by promoting 10 principal associates and eight lateral hires.

A further five lateral hires have joined in the first two months of the new financial year.

The firm elected a new senior partner, Charles Staveley, who is taking over from Justin Ripman.

Ripman is stepping down from the role in September after two terms in office ahead of his retirement as a partner in 2024. Managing partner Claire Clarke has been elected to continue for a third term.

Paul Johnson, head of the Leeds office, said: “It has been an excellent year which has seen all our teams produce a strong performance.

“We have continued to boost our presence in the regional market, advising some of Yorkshire’s most active industry consolidators including VetPartners.

“Our activity in key sectors such as technology, life sciences and healthcare has been boosted by client wins including UK Infrastructure Bank, which is based in Leeds, and Leeds-based deep-tech firm Optalysys, whose pioneering technology is building the computer chips of the future.

“As our portfolio of local, national and international clients continues to increase, we are actively recruiting at partner level across many disciplines including corporate, commercial, real estate and regulatory to meet growing demand.”

Claire Clarke, Mills & Reeve managing partner, added: “We’re very pleased to have achieved 12% growth in the current economic climate.

“Our overall strategy to be a leader in the four key areas of client experience, people experience, innovation and the sectors and markets we operate in, has helped us achieve this.

“We consider it a crucial part of our culture to share the firm’s financial success with all our people. Everyone contributes to the growth of our business in different ways and our all staff bonus is a great way to recognise this.”