IRWIN MITCHELL has maintained steady growth as it continues to increase its services through acquisitions and new locations.
The Sheffield-based legal services group, which has 11 offices across the UK including Leeds, increased revenues by 3.9% to £210.6m while pre-tax profits increased 6% to £18.1m in the year to April.
It had been subject of much speculation that it would be the first law firm to list on the stock market until Birmingham-based Gateley floated in June. Although the group was reticent to be drawn into questions around a potential float, it has maintained a line about considering all options to fund its growth plans.
Andrew Tucker, Irwin Mitchell’s group chief executive, said: “2014/15 was a good year for our group and again demonstrates our continuing financial strength as we deliver our strategic objectives.
“In 2013/14, we took very deliberate decisions to sacrifice a proportion of profit to invest even further in our business and we are beginning to see the return on those and earlier investments with both an increase in income and profit before tax.
“We have continued with our investment strategy during 2014/15 and this is evident not just in the acquisitions and partner hires that we have made, but in our investment in high profile marketing campaigns, our commitment to widening our UK-wide footprint with new office openings and further investment in our infrastructure.”
After the year end, it has opened an office in Middlesbrough – which followed the launch of Cambridge and Southampton offices in the previous two years – and acquired the commercial debt recovery division of P&A Receivables Services.
During the 2014/15 financial year, income growth was led by its business legal services division, which had a “double-digit increase” in turnover. Its personal legal services team recorded a 2% increase in revenues despite the impact of law reform which has been expected to cause a drop in income within volume personal injury work.
It said that growth was also supported by group companies including IM Asset Management, debt legal services business Ascent and Mayfair private wealth law firm Berkeley Law, which was acquired last November.
