Legal Business Blogs

Profit soars 76% as Irwin Mitchell hits ninth consecutive year of revenue growth

Irwin Mitchell has hiked profit 76% to £21.3m in a ninth consecutive year of growth that has also seen 9% added to its top line.

The pace-setting results compare with last year’s slight fall in profit to £12.1m and modest 3% increase in turnover to £241.8m, meaning the firm has added £21.4m to its top line to hit £263.2m in 2018/19.

Andrew Tucker (pictured), chief executive of Irwin Mitchell, attributes the firm’s strong financial performance to client engagement. [Clients] tell us our service is consistently good and distinctive. We have an extensive programme to enable us to really understand what our clients value which helps us deliver our services more effectively.’

Tucker said the firm is investing in its people with initiatives such as flexible working patterns and mental health training. ‘These and other initiatives are driving our growth in revenue and profit,’ he said.

During the financial year the firm added non-lawyer directors from IT, HR, marketing and operations to the executive board and promoted eight people to the partnership. The firm boasts a better gender balance than many, with 43% of Irwin Mitchell’s partnership now female.

The firm, which became an alternative business structure in 2012, also has a fast-growing Business Legal Services division which advises individuals, senior executives, growing businesses, sector leaders and overseas businesses in sectors including consumer business, education, manufacturing and technology.

Irwin Mitchell recently opened an office in Reading, growing its number of UK locations to 15, with the firm intending to invest in marketing and technology to grow further.

In May it was reported that the firm fired at least a dozen partners across the business. At the time a spokesperson said that following a review of the business, a small number of partners would be leaving the firm but did not confirm specific numbers.

Irwin Mitchell’s group companies include Ascent, a specialist law firm and financial services business focusing on debt recovery for banks and SMEs as well as IM Asset Management which provides financial planning and investment advice and has over £700m in funds under its management.