JMW reports 14.6 per cent revenue increase to £17.2m

Income at Manchester-based JMW Solicitors has risen by 14.6 per cent from £15m to £17.2m, with a 15.6 per cent rise in unaudited profits from £3.2m to £3.7m for the 2013/14 financial year.

JMW posted a 26 per cent rise in turnover from £6.3m to £7.98m for the first six months of the 2013/14 financial year and said net profit for the same period had risen by a 133 per cent rise (14 November 2013).

The firm reported a revenue rise of 13 per cent in 2012/13, from £13.2m in 2011/12 to £15m (28 May 2013).

JWM said it had seen growth across all work types but the commercial property department led the way with a 100 per cent fee increase.

That was followed by growth of 71 per cent in commercial litigation, 53 per cent in corporate, 47 per cent in private client, 34 per cent in business crime and regulation and 27 per cent in corporate recovery and insolvency.

The firm has also seen a 30 per cent increase in new matters, much of which JMW senior partner Joy Kingsley put down to acquisition of work through the internet.

Both the commercial property and commercial litigation practices doubled the number of new matters they took on in the last financial year. The clinical negligence team saw an increase of 50 per cent in new cases.

Fee income from JMW’s website instructions increased by 70 per cent, which meant income from the web topped £1m for the first time. It generated a further £1m in work in progress.

The growth of JMW’s more recently built up departments helped to offset the decrease in income from personal injury work, which was £4.5m last year. Kingsley said the department had remained profitable because it was no longer carrying the rest of the firm.

Since the Jackson reforms the firm has reduced its dependence on personal injury, going from 70 per cent of income derived from PI and clinical negligence work to just 38 per cent last year.

The firm added £1m in revenue with the acquisition of specialist property and litigation firm Goodman Harvey, set up in 2004 by an ex-Halliwells partner (30 May 2013).

JMW’s new managing partner Paul Walker said: “We are not complacent but have a clear direction as a full service firm with a strong legal offering in the Manchester market.”

Staff numbers at the firm increased by 20 per cent from 205 to 245, including several lateral hires into commercial litigation, corporate recovery and insolvency and commercial property.