Irwin Mitchell: Law firm surpasses £300m in revenue for first time as profits jump
Law firm Irwin Mitchell has reported a major jump in profits for the financial year as the company surpassed £300m in revenue for the first time.
Group revenue was up 10 per cent to £304.3m for the year ending 30 April 2024, up from £276.4m in 2023, while profit before tax was £21.7m, up 45 per cent on the year prior.
The firm’s year-end Group Cash position of £58.8m is also £14.4m higher than last year’s reported figure of £44.4m.
Irwin Mitchell also opened a new office in Brighton during the year, and completed deals to acquire Silk Family law in the Northeast of England.
The firm also invested in Wright, Johnston and Mackenzie in Scotland.
These two deals contributed £4.1m of revenue to the group accounts following their completion in the second half of the financial year.
Craig Marshall, group chief executive at Irwin Mitchell, said: “Despite a year of significant change in the business we’ve demonstrated remarkable resilience to deliver a strong performance.
“We have a strong balance sheet and head into the new year with positive momentum as we focus on becoming a more agile and dynamic business for the future delivering sustainable and profitable growth.
“Our client and colleague experience continues to stand out from the crowd and our latest results are testament to the hard work of our colleagues throughout the year.”
Irwin Mitchell recruited 14 new partners in the period, including a new Regulatory team and private client specialists in Birmingham and Bristol
115 colleagues were also promoted in the year, including 11 new partners and 19 new Legal Directors.
The company’s financial planning and investment management business, IM Asset Management, increased its assets under management to around £1.3bn.
Following the financial results, the Irwin Mitchell Holdings Board has also agreed to donate £500k to the Irwin Mitchell Charities Foundation (IMCF) which funds good causes in the UK and abroad.
Mr Marshall added: “I’m excited about FY25 which will be my first full year as CEO at Irwin Mitchell. We’ve refreshed our strategy following an annual review and will be seeking to build on our strengths with a market-leading position in complex personal injury.”
Irwin Mitchell also announced that it had made “good progress” towards its Net Zero commitments, and remains on track to achieve Net-Zero by 2040.
As part of this commitment, the firm said it expects to achieve 100 per cent renewable electricity across its offices by 2025 and halve the total organisational carbon impact by 2030.
Office energy consumption and carbon footprint reduced year-on-year for the company despite an increase in the number of occupied offices, with total energy use down 12 per cent year-on-year.
Irwin Mitchell was this year ranked in the top 25 of the Great Place to Work Initiative’s UK’s Best Workplaces for the fifth consecutive year.