Mills & Reeve has kicked off a firmwide drive to reduce its lockup by hiring accountant Jane Pavey from food company Campbell’s to head the scheme.
Pavey joins as working capital manager. Her role is to encourage lawyers to reduce Mills & Reeve’s lockup by working with local partner heads of the firm’s offices in London, Norwich, Birmingham and Cambridge.
Mark Finch, financial director at Mills & Reeve, said: “We’ve grown quickly over the past 10 months and reducing lockup is an important way of funding growth.”
Finch said partners would be expected keep clients up to date with any changes in billing, resulting in a more transparent system and quicker lockup. Lockup at Mills & Reeve stood at 164 days for the last financial year, missing the firm’s target of 155 days.