JMW announces growth in profit and its revenues
MANCHESTER law firm JMW Solicitors has announced impressive growth in both revenue and profit with its 2017/18 financial results.
Income at the firm climbed from £25m to an impressive £32.5m, a 30 per cent increase.
Provisional profit increased by 26pc from £4.6m to £5.8m.
Over the last five years, revenue has increased by 91pc from £17m to £32.5m and profit from £3.5m to £5.8m.
The number of equity members has averaged at 10 over this entire period.
The firm announced six new equity members on May 1, 2018, who will share in the profit for the year ahead.
During the last year, most departments have continued to increase revenue and gain new clients.
The business crime and regulation team led the way with an increase of 58pc followed by the private client team with a 43pc increase.
Fees also grew substantially in family law (37pc), corporate recovery and insolvency (35pc) and corporate (23pc).
Total files opened across the firm grew to more than 21,000, a 15pc increase on the previous year.
There were 5,299 commercial files opened in the 2017/18 financial year with 2,089 of these being to new commercial clients, a 16pc increase.
Senior partner at JMW 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.”
JMW is capitalising on digital marketing and has seen good growth from instructions via its website, with website revenue up by 16pc from £1.9m to £2.2m.
Staff numbers in the past five years have increased from 238 to 440 at present, which is a significant increase of 85pc.
Significant hires this year have included Simon Bloch and Sarah Evans, in employment, Ruth McCarthy and Abdul Salam for the real estate commercial team and Bev Jones, David Pickering and Elspeth Kinder in the family team.
Paul Walker, managing partner at JMW, added: “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.”