Mills & Reeve posts record turnover and hands staff handsome bonuses
As a result the firm also announced a record all-staff bonus pool of £2.6m, meaning staff received between £2,327 and £2,676 depending on length of service.
Leading law firm Mills & Reeve, which has strongholds across Cambridge and the Golden Triangle, has hoisted turnover by 12 per cent to a record high £147 million for 2022-23. The result topped the firm’s ambitious planned growth target of 11.4 per cent.
The strong financial results follow another successful year at the firm – lead forensic sponsor of the Business Weekly Awards – which has achieved several significant milestones and awards such as:-
- Achieving platinum Investors in People status, something only 6 per cent of more than 50,000 organisations in the UK attain.
- Celebrating 20 years in the UK 100 Best Companies to Work For list.
- Electing a new senior partner, Charles Staveley, who is taking over from Justin Ripman when he steps down from the role in September after two terms in office ahead of his retirement as a partner in 2024. Managing partner Claire Clarke has been elected to continue for a third term.
- Increasing its partner numbers to 158, the highest number ever, driven by promoting 10 principal associates and eight lateral hires, further strengthening its position in the sectors and markets in which it operates. A further five lateral hires have joined in the first two months of the new financial year.
- Rapidly expanding its new Oxford office, which opened in March 2022.
- Making good progress on its leader in client experience strategy, with 89 peer cent of clients happy to recommend the firm.
- Publishing the firm’s first sustainability report.
Managing partner Claire Clarke said: “We’re very pleased to have achieved 12 per cent growth in the current economic climate. Our overall strategy to be a leader in the four key areas of client experience, people experience, innovation and the sectors and markets we operate in, has helped us achieve this.
“We consider it a crucial part of our culture to share the firm’s financial success with all our people. Everyone contributes to the growth of our business in different ways and our all staff bonus is a great way to recognise this.
“This has been a particularly successful year for the firm, and our bonus is a way of thanking everyone across the firm for their hard work towards achieving, and beating, our ambitious growth target.
“That we also managed to secure our first ever platinum Investors in People accreditation is a real testament to everyone helping to make the firm a place where people thrive and others want to join.”