Irwin Mitchell has posted a disappointing profit result after last year’s merger with Thomas Eggar, with profit down by more than 25%.
The group’s chief executive Andrew Tucker said the lacklustre result was a ‘combination of investment and a necessary focus on the merger and successful integration.’
Irwin Mitchell’s revenue came in at £221.3m. This is up just 8% on the year prior and included about four months of trading with Thomas Eggar.
Tucker (pictured) added: ‘The board is comfortable that sacrificing profit in the short-term will deliver greater benefits to the business in the medium-term as we reap the return on investment and the improved strength and breadth of depth the merger has given us.
‘Our focus in 2016/17 is on completing the successful integration, maximising the opportunities for growth which arise from the greater strength and depth we now enjoy. Our vision of being the legal brand of choice continues and we have a clear strategy to ensure we maintain our progress.’
Yesterday (23 August) Legal Business revealed Irwin Mitchell had lost a fifth partner to Dentons with the departure of real estate finance partner Simon Tweedle. Last week, Dentons confirmed it had appointed four partners from Irwin Mitchell, with real estate head Rob Thompson, real estate partners Lewis Myers and Rupert Dowdell and head of corporate real estate Jayne Schnider all moving.
The group arrived from SJ Berwin as part of a 20-strong team move to Irwin Mitchell in 2010, while former colleagues Jo Footitt and Louise Cartwright also recently departed for Osborne Clarke in hires announced in June
Following six months of talks, Irwin Mitchell and Thomas Eggar voted to approve a merger last November with plans to establish a leading private wealth business.