Irwin Mitchell aiming for £150m turnover” /> Irwin Mitchell managing partner Howard Culley has been re-elected in his 20th year in office and is predicting a 35 per cent rise in turnover to £150m by the end of the financial year.
Culley said growth had been bolstered by the merger with Scottish firm Golds in April last year, the preparation for which impacted on the year-end results for 2006.
Turnover is up by 35 per cent from £111m to a predicted £150m, with Golds accounting for 25 per cent of the increased income.
“Our ongoing strategy will not change and we’re pushing forward on more than one front,” said Culley. “We have a diverse business structure and see opportunities in all areas. We’ve made small but significant mergers, but our policy is one of incremental organic growth.”
The firm’s litigation department and non-contentious commercial property practice contributed the largest portion of growth, Culley added.
Litigation funding continues to be a “challenge”, as the firm’s litigation practice works largely on conditional fee arrangements. “It’s one of the reasons we see a future in the alternative business structure model,” Culley said.
It is thought Irwin Mitchell would prefer to take outside investment to going publicly listed when the Legal Services Act is implemented in 2011.
Irwin Mitchell is leading the raft of firms aiming to develop strong commoditised income streams through offering outsourcing partnerships to high street brands.
Last November the firm signed a deal to provide Automobile Association and RAC members with conveyancing and will-making advice (The Lawyer, 5 November 2007).