Exeter-headquartered Michelmores is to pay all lawyers and staff a bonus equivalent to 3 per cent of their individual salaries after posting a 15 per cent rise in turnover to £22.3m during the last financial year.
The bonus is the same percentage paid out to staff this time last year, when the firm posted a 5 per cent increase in turnover to £19.2m. The firm’s fixed-share and equity partners are under a separate bonus scheme, which is based on individual as well as firm performance.
The significant boost in turnover comes after the firm brought in an additional £3m last year by acquiring Wilsons’ Bristol office (12 November 2012). The firm took on partners Ben Sharples and Miles Farren as part of the deal, two former Burges Salmon partners who quit the firm alongside Peter Williams and Vivienne Williams in November 2010 to launch agricultural boutique Ebery Williams.
A spokesperson for the firm said that Michelmores recruited a total of nine new partners during the year, including Osborne Clarke private client head Sandra Brown to head up the team in Bristol.
Managing partner Malcolm Dickinson added: “Our current strategy has served us well, but we are also embarking on a major strategic review of our business for the next three to five years. In the meantime, we have set ourselves similar growth targets for the next financial year.”