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Irwin Mitchell has broken through the £200m mark for the first time, with revenues climbing 5.3 per cent rise from £190.1m to £200.2m at the latest financial year.
The firm reported profit, net of member remuneration, as having risen by 3.1 per cent from £18.5m to £19.1m. Average profit per equity partner at the firm has also risen by 7.4 per cent from £569,000 to £611,000.
The firm said PEP includes £19.1m in profit, which is paid to the firm’s holding company, Irwin Mitchell Holdings, and then set aside to pay tax contributions and reinvest into the firm.
Commenting on the results, Irwin Mitchell’s group chief executive John Pickering said the figures were a “significant milestone”.
“The financial year 2012/13 was the year in which Irwin Mitchell became the first multiple-licensed ABS in the UK and all parts of our business are performing well. We are in a good position to grow significantly and to take advantage of the right opportunities when they come along”, Pickering said.
The firm has restructured in recent years to reflect the fact it has ABS licences that cover legal and non-legal businesses (20 August 2012).
Irwin Mitchell has put significant investment into growing its commercial offering, kicking off with the hire of SJ Berwin real estate head Jon Vivian in 2010 (27 September 2010).
In the last year it has bolstered the Manchester office with the addition of a four-partner team from DLA Piper (16 January 2013), while also raiding its regional rival for Birmingham head Chris Rawstron (6 March 2013).
Other hires included Nabarro corporate partner Andrea Cropley in Sheffield, Nabarro banking partner Dean Gormley in Manchester and Squire Sanders banking duo Andrew Watson and Jon Bew.