Irwin Mitchell reports a sharp profitability increase

Irwin Mitchell reports a sharp profitability increase

Ducking the pandemic-induced slowdown, Irwin Mitchell joins other the UK law firm to turn adversity into an opportunity to increase its revenues to a new high

The UK law firm Irwin Mitchell has declared a sharp increase in its profitability and establishing the fact that the UK law firm successfully managed to insulate itself from the negative impact of the COVID-19 pandemic by adopting the right measures at the right time.

Ranked 25th in the current UK top 50, Irwin Mitchell effectively broad-based its commercial practice to report record profits.

The firm's profit spike is impressive considering it was attained against a modest increase in turnover to £275.8 million, which incidentally happens to be the 11th consecutive year of its growth. The turnover increased last year ending 30 April by the rate of 2 per cent while generating an 11 per cent increase in pre-tax profits.

The firm attributed its successful navigation of the pandemic's challenging conditions to a series of cost-saving measures it employed to mitigate potential adverse impacts on its business prospects.

In terms of practice areas, Irwin Mitchell singled out a strong performance by its complex personal injury team, as well as its teams servicing businesses and private wealth clients.

Outside of legal services, its assets grew under management by 20 per cent to £946.5 million mainly due to the new business growth, client retention, astute wealth management and financial planning.

The firm also witnessed a spike in revenues for its group company Ascent after it acquired Excel Collection and Enquiry Services Limited. Irwin Mitchell said the acquisition added further market depth to its existing client base in field-based debt recovery services.

According to Andrews Tucker, Irwin Mitchell Chief executive, the firm's performance was a testament to the resilience of their cash generative business model and the benefit of a prudent financial management approach that helped stave off the hurdles posed by the pandemic.

"With early indications that the UK is now showing signs of recovery from the pandemic, we look forward to a bright year and future ahead as we maintain our pursuit of delivering sustainable value for all our stakeholders," Tucker added.