City-based law firm Irwin Mitchell saw revenue and profit jump over the last financial year as it refreshed its strategy in a bid to be “the firm of choice for mid-market corporates”.
Its revenue surpassed £300m for the first time as it rose by 10 per cent to £304.3m for the year ending 30 April 2024, up from £276.4m. Meanwhile profit before tax was £21.7m, up 45 per cent on the prior year of £15m.
Its year-end group cash position of £58.8m is also £14.4m higher than last year, which was at £44.4m.
Over the last year, the firm opened a new office in Brighton, and completed deals to acquire Silk Family law in the Northeast of England, while also investing in Wright, Johnston and Mackenzie in Scotland.
These firm said these two deals contributed £4.1m of revenue to the group accounts following their completion in the second half of the financial year.
While the firm also expanded its headcount after recruiting 14 new partners including a new regulatory team and private client specialists in Birmingham and Bristol. While 115 colleagues were promoted in the latest annual round including 11 new partners and 19 new legal directors.
The firm has been an official legal partner of England Rugby since 2019.
Commenting on the results, group chief executive Craig Marshall said: “I’m excited about FY25 which will be my first full year as CEO at Irwin Mitchell.”
“We’ve refreshed our strategy following an annual review and will be seeking to build on our strengths with a market-leading position in complex personal injury; growing our share of the markets for private client legal services, financial planning and investment management via IM Asset Management and will continue to build close, supportive relationships with our business clients so that we are the firm of choice for mid-market corporates,” he added.
Following the financial results, the Irwin Mitchell holdings board agreed to donate £500,000 to the Irwin Mitchell Charities Foundation.