Birmingham legal practice Mills & Reeve has reported an eight per cent increase in turnover after growth in its insurance, commercial dispute and real estate divisions.
The Colmore Row office of the national firm turned over £17.9 million in the year to June 2009 – up from £16.6 million the year before – in its fifth consecutive year of annual growth.
Partners in the firm say it has profited from a shake-up of its senior management last year, which helped it grow despite the recession.
Managing partner Guy Hinchley said the firm was re-investing profits as it sought another year of growth. He added: “The firm continues to expand in line with our 2012 business plans.
“We could have taken more profit for partners but elected, as in previous years, to share the benefits of our success more widely.”
Mills & Reeve set up its first Birmingham office in Edgbaston in 1998, employing 77 staff and specialising in public sector work. It relocated to Colmore Row in 2005 as part of plans to expand and today the office employs more than 200 staff, including 20 partners and almost 100 other fee-earners.
Nationally, turnover was £66.6 million, an increase of seven per cent from last year’s £62.5 million. Firm-wide profits rose eight per cent to £22.2 million.
Partner Angus Turner, who heads the firm’s insurance team, said a series of promotions had boosted the financial performance of Colmore Row. He said: “We invested last year to bring partners into the practice in Birmingham.
“We bought Martino Giaquinto into our construction team, Richard Sykes into our higher education team and Dawn Brathwaite into the healthcare team. We had an increase in the partnership numbers as in investment to grow the office and we are reaping the benefits of that. Last year was the start of the difficulties firms were starting to face but we took a conscious decision to invest and it has paid dividends.”
Mr Turner said the firm’s commercial dispute team has seen a growth in business, possibly because of the recession, while his insurance team increased revenues by 20 per cent and the real estate team saw a double-digit rise.
He said the firm was meeting trading expectations for the 2009 financial year. A staff bonus has also been awarded to all employees who have been with the firm for at least a year.