A South West-based law firm established in 1887 has reported a sixth consecutive year of growth and said strategic decisions and investments made in 2016/17 left the business well-placed for the future.
In the year to 30 April 2017, turnover at Michelmores climbed from £32.9m to £33.4m, with the growth achieved despite the firm disposing of its medical negligence practice as well as wider Brexit effects. Operating profit dipped from £8.4m to £7.74m.
During the year, the firm invested in new practice management software as well as expanding into a larger London office in May 2016.
Michelmore’s finance director Graham Johnson said the firm had continued to grow with a strong start to the 2017/18 financial year.
“The strategic decisions and investments we made in 2016/17 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.”
A review within the firm’s accounts said: “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.”
Last month, Michelmores appointed Tim Richards as managing partner to take over from Malcolm Dickinson who had been in the post since 2008.