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JMW LLP Announces Exceptional Financial Results
27 July 2018
Manchester law firm JMW Solicitors LLP has again announced outstanding growth in both Revenue and Profit with its 2017/18 financial results.
Income at the firm climbed from £25 million to an impressive £32.5 million, a 30% increase. Provisional Profit increased by 26% from £4.6 million to £5.8 million.
Over the last 5 years Revenue has increased by 91% from £17 million to £32.5 million and Profit from £3.5 million to £5.8 million. The number of Equity members has averaged at 10 over this entire period. The firm announced 6 new Equity members on 1 May 2018 who will share in the profit for the year ahead to 30 April 2019.
During the last year most departments have continued to increase revenue and gain new clients. The Business Crime & Regulation team led the way with an increase of 58% followed by the Private Client team with a 43% increase. Fees also grew substantially in Family Law (37%), Corporate Recovery and Insolvency (35%) and Corporate (23%). Total files opened across the firm grew to over 21,000, a 15% increase on the previous year. Of the 21,000 files, 15,441 came from new clients to the firm, an increase of 16% meaning that 73% of the work taken on by JMW in the past year came from new clients. There were 5299 commercial files opened in the 2017/18 financial year with 2089 of these being to new commercial clients, a 16% increase.
Fees from the solicitors’ referral network Lawshare also increased by 69% from £1.3 million to an extremely impressive £2.254 million. The Lawshare network now comprises of some 380 firms, an increase of 60 in the past year. JMW continues to be committed to all forms of digital marketing and has again seen good growth from instructions via its website, with website revenue up by 16% from £1.9 million to £2.2million.
In 2018 JMW LLP was listed at number 25 in the Sunday Times Best Companies to Work for and are placed at number 96 in the Lawyers Top 100 UK Law Firms by revenue.
Staff numbers in the past 5 years have increased from 238 to 440 at present which is a significant increase of 85%. Significant lateral hires this year have included Simon Bloch and Sarah Evans (Employment), Ruth McCarthy and Abdul Salam (Real Estate Commercial) and Bev Jones, David Pickering and Elspeth Kinder (Family).
Commenting on another successful year for JMW Senior Partner Joy Kingsley said:
“We are delighted to have enjoyed another year of record financial performance and extremely pleased to see continued growth for all our departments. We are proud that our unswerving concentration on our clients business as well as our own strategy continues to pay dividends.The addition of new Partners and their clients, coupled with the existing strong JMW team, ethos, skills and client care has led to this increased success.”
Paul Walker, Managing Partner at JMW commented:
“We are pleased by the continued growth of the firm across all of our departments and we are committed to building on our great achievements to become the law firm of choice for clients across all our disciplines. We very much appreciated the efforts from all of our Partners and staff at JMW in achieving these excellent financial results yet again.”
For more information:
0161 828 1981
07595 277 842