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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Mills & Reeve saw its turnover increase by 12 per cent last year, following its merger with Manchester firm George Davies on 1 June 2013.
The combination helped Mills & Reeve’s turnover to rocket from £70.9m up to £79.5m over the course of the 2013/14 financial year, which runs from 1 June to 31 May (5 June 2013).
The figure is also higher than the expected revenue of £77m when the firms announced their tie-up in April 2013 (24 April 2013).
The result follows a few years of relatively static growth for Mills & Reeve, which shuffled from £66.6m to £69.4m between 2008/09 and 2011/12.
During the 2013/14 financial year, Mills & Reeve saw its net profit inch up from £20.4m to £20.8m. Average profit per equity partner (PEP) rose by 2.7 per cent, from £324,000 to £333,000.
As a result of the merger, the firm boosted its total number of fee-earners by 8.5 per cent, from 426 to 462. Its qualified lawyers increased by 9.8 per cent to 367 from 335. Meanwhile, its total number of partners grew by 17.2 per cent, from 94 to 110.
However, over the past year the Cambridge-headquartered outfit has also shrunk its London office significantly. Its total number of fee-earners in the City dropped from 32 to 29. Its qualified lawyer headcount diminished by 35.3 per cent, from 41 down to 26.
London revenue continued a downward trend, dropping by 4 per cent from £5.1m to £4.9m. Between 2011/12 and 2012/13 turnover from the City fell by 14 per cent, from £5.8m.
Last year Mills & Reeve’s managing partner Guy Hinchley said the decline was a result of moving more work generated by the firm’s London insurance practice to its Norwich-based paralegal support centre, set up in August 2012.
Earlier this month, the British Library unveiled Mills & Reeve and Veale Wasbrough Vizards as its two formal legal advisers on employment issues, following a mini-tender process (7 July 2014).