Mills & Reeve enjoys 14 per cent turnover hike to £57m

Mills & Reeve enjoys 14 per cent turnover hike to £57m" />
Mills & Reeve has cracked the £50m turnover mark for the first time, the firm's financial year-end results reveal.

The 2006-07 figures show turnover has risen by 14 per cent to hit £57m, following a near miss in 2005-06 of £49.7m.

Average profit per equity partner (PEP) has risen by 9 per cent, hitting £275,000 after last year's £253,000, and every permanent member of staff at the firm is set to receive a bonus of £1,400.

Managing partner Guy Hinchley said: "This has been a good year and turnover was more than we budgeted for, which was a very welcome surprise. The bonus we've announced is simply to celebrate our success and ensure it's enjoyed by everyone at the firm."

The insurance group saw turnover grow by 23 per cent, from £6.2m to £7.7m, while the firm's healthcare practice grew by 22 per cent, from £8m to £9.7m, and boasted new clients such as the General Dental Council.

Corporate grew by 18 per cent, from £19.5m to £23.1m, while real estate increased by a more muted 4 per cent.

The education group increased turnover by 7 per cent, from £6.3m to £6.7m. The firm's private client group, which claims to be the largest outside London, has grown by 16 per cent, from £9.9m to £11.6m.