JMW Solicitors LLP has announced its 2016/17 financial results which again reveal impressive growth in revenue and profit.
Income at the firm climbed from £22.5 million to £25 million an 11% increase and provisional profit up 7% from £4.3 million to £4.6 million. This year there has been significant investment in an additional 60 staff in new roles across all departments, mainly at fee earner level. In the last 5 years fee income has grown from £13.2 million (April 2012) to £25million (April 2017), a total rise of 89 %.
During the last year many departments have continued to increase revenue and gain new clients. The Business Crime & Regulation team led the way with an increase of 50%, closely followed by the Commercial Litigation team with a 47% increase. Fees also substantially grew in Employment (35%), Private Client (25%), Corporate Recovery & Insolvency (21%) and Commercial Property (15%).
73% of the work taken on by JMW in the past year came from new clients including Sale Sharks, Silverlane Developments, Tattu, London Sport Exchange and South African Premier Soccer League.
The firm’s continued focus on digital marketing campaigns has once again led to substantial growth from website instructions, with website revenue up by 26% from £1.5 million to £1.9 million. Fees from the solicitors’ referral network Lawshare also increased by 30% to £1.3 million. The Lawshare network now comprises some 320 firms, an increase of 50 in the past year.
In 2016 the firm also became one of the Top 100 UK law firms by revenue for the first time.
Staff numbers increased from 320 to 380 in the past year including 7 new Partners; Graham Small (Commercial Litigation), Cara Nuttall and Michael Chapman (Family), Ian Lewis (Business Crime & Regulation), Damien Brown (Corporate) and Nadia Kerr and Paul Breen (Personal Injury).
Commenting on another successful year for JMW Senior Partner Joy Kingsley said:
“It has been another year of great success at JMW with a record financial performance which is consistent with the previous 5 years. Our strategy has been to attract Partners and teams with a client following to work with our outstanding lawyers and other new recruits, rather than pursuing mergers and acquisitions. We are grateful to both existing and new clients and our concentration on the development of our business and that of our clients, continues to pay dividends. We are dedicated to becoming a law firm of choice in Manchester for both clients and lawyers across all of our legal areas.”
Paul Walker, Managing Partner at JMW commented:
“We are delighted that we can again celebrate outstanding financial results for the firm. We are pleased with the continued growth of all our departments as well as considerable increases in Revenue and Profit. We consider the firm to be in excellent shape going forward and the efforts from all of our Partners and staff at JMW in achieving these excellent results is wholly appreciated.”