South west law firm reports sixth year of growth
Michelmores, the South West-based law firm established in 1887, has reported its sixth consecutive year of growth as strategic decisions and investments made in 2016/17 left the business well-placed for the future.
In the year up to 30 April 2017, turnover at Michelmores climbed from £32.9 million to £33.4 million.
The company’s growth has been achieved despite the firm disposing of its medical negligence practice.
During the year, the firm invested in new practice management software, as well as expanding into a larger London office in May 2016.
The financial report stated: “The Members consider the performance for the year to be a successful result, where continued growth has been achieved for the sixth consecutive year. This result is encouraging given the continuing uncertain market conditions.
“The Firm has also invested signiﬁcantly in a new practice management system during the ﬁnancial year, to further enhance and improve client service.
“The performance for the year has been achieved in a competitive market by continuing a strategy of organic growth, supplemented by attracting a number of senior lateral hires to increase the depth and range of legal specialisms across the Firm’s London, Exeter and Bristol ofﬁces. The Firm also took the strategic decision to dispose of its Clinical Negligence practice, to focus on its strategic sectors.
“The Firm continues to grow in London and has invested signiﬁcantly in leasing larger premises, in May 2016, to supports its strategy-of developing a strong presence in the city.”
Graham Johnson, Finance Director, said: “The strategic decisions and investments we made in 16/17 have ensured that the firm is well placed going forward.
“As a result, 17/18 has been a strong year so far, in particular the Real Estate and Corporate teams have helped drive financial performance with involvement in a high volume of quality work for national and international clients.”