Mills & Reeve sees marginal increases in turnover and PEP
Mills & Reeve has posted slight increases in turnover and average profit per equity partner (PEP) for the 2009-10 financial year.
Guy Hinchley
Fee income increased 1 per cent from £66.6m to £67.3m, while PEP rose 2 per cent from £301,000 to 307,000. Net profits rose 6 per cent to £18.6m.
Managing partner Guy Hinchley said the PEP and profit figures would have been higher but the firm paid out more than £750,000 in bonuses, with all 719 staff members receiving a payout.
Corporate work accounted for £27m of fee income, with property and private client each contributing around £20m.
“Overall we’re pleased with our performance and we achieved our financial plan,” said Hinchley.
“Like a lot of firms we keep a careful eye on costs. We didn’t have any redundancies but we’ve been careful about recruitment, and have been reviewing our procurement contracts.”
Readers' comments (4)
Ex employee | 13-Jul-2010 12:45 pm
No "redundancies"?? Don't think that's quite accurate for a start!
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Anonymous | 14-Jul-2010 11:08 am
Guy might prefer to ignore the fact but Mills & Reeve fired eighteen solicitors in May 2009.
Other firms may have had greater numbers of redundancies but I have not seen any of them attempt to deny that redundancies occurred.
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Anonymous | 14-Jul-2010 11:33 pm
Isn't this an article about the June 2009-May 2010 financial year?
If so, the firm made no one redundant in the past financial year and less than 18 (11 I think) in the previous financial year.
Based on the last two posts, I thought solicitors were meant to show attention to detail?
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Guy Hinchley | 15-Jul-2010 11:14 am
Just to set the record straight my comments to The Lawyer did indeed relate to our last financial year (09/10) during which there were no solicitor nor other fee earner redundancies at Mills & Reeve. Regrettably there was one redundancy that year in our finance team resulting from some reorganisation in that department. In our previous financial year (08/09) there were, unfortunately, 11 fee earner redundancies, of whom 9 were solicitors. There was also one redundancy in our Library department that year. We have always been open about this with the legal press and elsewhere.
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