Another Outstanding Financial Year for JMW
9th July 2019, 9:39 am
Full service law firm JMW Solicitors LLP has again announced excellent growth in terms of both revenue and profit with its’ 2018/19 financial results.
Income at the firm climbed from £32.5 million to an impressive £38.1 million, a 17% increase. Provisional profit increased by 12% from £5.8 million to £6.5 million. The profit growth would have been even more substantial but the firm has just invested in a new London base situated in Grade A accommodation at in the newly refurbished Kings House at 36 King Street, Bank, London. In advance of opening the office on 1 May 2019 the firm incurred substantial property and recruitment costs.
Presently 32 people including 20 Partners have joined JMW’s London office or are currently serving their notice. The London office is due to contribute £5 million of revenue in its’ first year, the 2019/20 financial year. Target for the whole firm for 2019/20 financial year stands at £45 million.
During the last year most departments have continued to increase revenue and gain new clients. The newly formed family team, incorporating the DWF Family team, led the way with a substantial increase of 134%, with Fee Income of £4 million, followed by the Business Crime & Regulation team with a 53% increase. Clients of JMW this year included TJ Morris, Bardsley Construction and the Brookhouse Group. Highlights included acting for a Singapore-based company on the purchase of Barton Arcade, Manchester and advising the successful consortium of buyers in relation to the purchase of the Premier League Rugby club, Worcester Warriors. Also the Litigation team continue to act for over 5,500 Claimants seeking compensation from Morrisons supermarket over a significant data leak and in April Morrisons were granted permission to appeal to the Supreme Court.
Fees from the solicitors’ referral network Lawshare also increased by 28% from £2.25 million to an impressive £2.9 million. The Lawshare network now comprises of some 430 firms, an increase of 50 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 14% from £2.2million to £2.5 million.
In 2019 JMW was listed at number 21 in the Sunday Times Best Companies to Work for and are placed at number 85 in The Lawyers Top 100 UK Law Firms by revenue. The firm also won Large Law Firm of the Year at The Manchester Legal Awards in March 2019.
As well as employing 20 new Partners in London, there have been 10 significant Partner hires for the Manchester office this year which have included Steve Morris (Commercial Litigation), Simon Maddox (Real Estate Commercial), Andrew Rimmer and Richard Allen (Construction), Russel Forward and Alex Jeffery (Real Estate Finance), Scott Cameron (Banking), Stephen Heath (Corporate) and Clare Stevens (Armed Forces).
Since its opening on 1 May 2019 the London office has been joined by Joint Heads Lee Adams and Catherine Thomas and Partners Christian Taylor, Mahfuz Rahman and Savio D’Costa (Real Estate Commercial), Adam Taylor, Cory Bebb and Alejandro Worthington (Corporate Recovery and Insolvency), Martin John (Corporate), David Arivo and Thiara Malik (Real Estate Residential) and Anita Rai (Employment).
Commenting on another successful year for JMW’s Senior Partner Joy Kingsley said:
“We are delighted by the continued growth of the firm across all of our departments and to have enjoyed yet another year of record financial performance. We very much appreciated the efforts from all of our Partners and staff at JMW in achieving these excellent financial results yet again. We are excited now to see how our new London office grows and we are committed to building on our great achievements to become the law firm of choice for clients across all our disciplines, across the whole of the country. The JMW ethos and strong work ethic has helped us again achieve this success.”