Mills & Reeve has boosted turnover by 20 per cent at the midpoint of its financial year.
The firm’s turnover for the first six months of the 2006-07 financial year stood at £28.3m, up by a fifth on the £23.5m figure for the same period in the previous year.
Birmingham managing partner Guy Hinchley, who takes over from incumbent Mark Jeffries as firm managing partner in March, said: “Happily this is both from new clients and old favourites and all four offices are doing well – there are no black books or particular highlights.”
Hinchley added that the rise also reflected the success of investments made in the past two years, such as the firm’s six-lawyer family law team.
Hinchley predicted an overall increase in turnover of 15 per cent for the 2006-07 financial year. However, he declined to predict an average profit per equity partner (PEP) figure, saying: “I’m not sure what we’re going to have off the bottom line [at financial year-end]. It’s harder to predict where PEP’s going to go.”
As first reported by The Lawyer (17 July 2006), Mills & Reeve’s turnover rose by 22 per cent during the 2005-06 financial year-end, rising from £40.4m to £49.1m. In the same period PEP rose by 11 per cent to £253,000 from £226,000.