Irwin Mitchell has posted growth of 6 per cent growth taking its turnover from £221.3m to £235.3m in the last financial year.
Profits have fallen for a second year, dropping from £12.4m to £12.3m. The firm’s pre-tax profits fell by more than 25 per cent in the 2015/16 financial year.
These results are the second published since the firm’s merger with Thomas Eggar in 2015 and the first since the firm announced a new sector-driven strategy focusing on consumer services, education, financial services, manufacturing, real estate and technology.
Irwin Mitchell group chief executive Andrew Tucker praised the firm’s performance despite challenging market conditions.
Tucker said: “We made significant progress in a number of areas last year and I am excited about our prospects for the future.
“The group has responded positively to challenging external conditions and I’m pleased to say that this hard work is reflected in these financial results.”
It has been a challenging year for Irwin Mitchell in terms of partner departures, with Dentons raiding the firm’s real estate practice for five partners including London real estate head Rob Thompson. Howard Kennedy also took a real estate partner and Osborne Clarke took two corporate partners from the firm.
Thompson’s departure opened the door for the firm to hire ex-Pinsent Masons real estate head Adrian Barlow, who begins work at the firm next week.
The firm was also hit with mass resignations in its Leeds real estate and Sheffield corporate practices with the Sheffield recruits joining Shoosmiths’ Sheffield and Manchester offices.
In November, the firm’s LLP accounts revealed that its borrowings had risen to £29m, which it may be required to repay at the end of 2018.
Irwin Mitchell also reported that its subsidiary companies, IM Asset Management (IMAM) and Ascent, continued to grow well with IMAM now boasting over £500m of assets under its management and Ascent joining a partnership with the Federation of Small Businesses.
Tucker said: “We are focused on continuing to build a strong and diversified group driven by client need, with highly engaged colleagues.
“As a business, we have a clear vision to support future growth in both revenue and profit and build capability further.”