Flat profits at Mills & Reeve

Mills & Reeve has reported disappointing profit growth with a 1.2 per cent rise in profits per partner.

Turnover rose by 11 per cent from £24.6m to £27.3m for the year ending April 2001.
The results put Mills & Reeve on course to reach its target of £40m for the financial year ending April 2005, with the firm going over its gross budget by £1m.
Average profits per partner rose from £132,196 to only £133,913.
Mills & Reeve managing partner Mark Jeffries said the results had been expected.
“The increase in profits per partner is low because we have been investing in new offices and making a number of lateral hires. We have been looking at the long-term future of the business,” he said.
PFI and corporate have been the most successful departments. PFI partner Raith Pickup and corporate partner Nick Fischl were the top two billers.