Manchester-based JMW Solicitors has posted a 26 per cent rise in turnover from £6.3m to £7.98m for first six months of the 2013/2014 financial year.
The firm also said net profit for the same period had risen by a 133 per cent rise, JMW senior partner Joy Kingley conceded that the figure was mainly the result of last year’s first half being comparatively slow. The firm would not disclose profit figures.
The firm reported a revenue rise of 13 per cent last year, from £13.2m in 2011/12 to £15m in 2012-13 (28 May 2013).
Despite personal injury (PI) and clinical negligence remaining the two largest revenue producers, accounting for 37.5 per cent of turnover, PI was the only area that did not see revenues push upward. The practice saw a 16 per cent reduction in income from PI from £2.59m in October 2012 to £2.16m.
Kingsley said: “Because of all the changes to the PI market, we’ve deliberately started concentrating on other types of work. Three years ago PI made up 65 per cent of our turnover, it is now 38 per cent. The PI team hit their target but the target was lower than last year”.
The greatest increase in turnover came from the firm’s corporate practice, which saw 102 per cent growth. Followed by commercial litigation with a 77 per cent, then commercial property with 64 per cent, private client having a 63 per cent increase, business crime and regulation up 55 per cent and family up 30 per cent.
In May, JMW merged with specialist property and litigation firm Goodman Harvey (30 May 2013), which it said is responsible for 6 per cent of the growth this year, giving it 20 per cent turnover growth on a like for like basis compared to last year.
In October, 717 new matters were opened at the firm, the highest ever number to date. The firm’s Lawshare network is also reporting an increase in business, generating 46 per cent more instructions than 12 months ago.
In September the firm consolidated its £2m RBS overdraft and a £500,000 loan from the Co-op into a new £2.5m banking facility with Barclays (23 September 2013).