Staff at law firm to share £2m bonus as turnover soars
PUBLISHED: 17:08 09 July 2018 | UPDATED: 17:25 09 July 2018
Mills and Reeve
Law firm Mills and Reeve has seen its turnover breach the £100m milestone.
The company, which has an office in Norwich, recorded revenue of £106.3m, a 14% increase on the previous year.
The strong financial performance led the firm to announce its largest ever staff bonus pool of £2m, equal to 7% of its total salary bill and £2,273 for each full time employee who has been with the firm for more than a year.
Mills and Reeve outperformed the top 100 UK law firm average for the year to May 2018, with fee income growth of 13.5% compared with the average of 7.7%.
A successful merger with London law firm Maxwell Winward in June 2017 contributed to the results, accounting for 41% of turnover growth.
Claire Clarke, Mills and Reeve managing partner, said: “One of the key objectives of our 2020 strategy was to achieve £100m turnover and the fact that we have realised it two years early is testament to the success of our collaborative culture.”