Profit Before Tax Also Up As Firm Invests For the Future

Irwin Mitchell has continued on its growth trajectory passing £300m revenue for the first time and significantly growing profit before tax in the most recent financial year.

Group Revenue was up 10% to £304.3m for the year ending 30 April 2024 (FY23: £276.4m) while profit before tax, which is after all colleagues and Partners have been paid, was £21.7m, up 45% on the prior year (FY23: £15.0m). The firm’s year-end Group Cash position of £58.8m is also £14.4m higher than last year (FY23: £44.4m).

The year of growth comes as Irwin Mitchell also continued to invest in its future success by opening a new office in Brighton and completing deals to acquire Silk Family law in the Northeast of England and invest in Wright, Johnston and Mackenzie in Scotland. These two deals contributed £4.1m of revenue to the Group accounts following their completion in the second half of the financial year.

Following the financial results, the Irwin Mitchell Holdings Board has also agreed to donate £500k to the Irwin Mitchell Charities Foundation (IMCF) which funds good causes in the UK and abroad.

Expert Opinion

“Despite a year of significant change in the business we’ve demonstrated remarkable resilience to deliver a strong performance. We have a strong balance sheet and head into the new year with positive momentum as we focus on becoming a more agile and dynamic business for the future delivering sustainable and profitable growth.

“Our client and colleague experience continues to stand out from the crowd and our latest results are testament to the hard work of our colleagues throughout the year.

“I’m excited about FY25 which will be my first full year as CEO at Irwin Mitchell. We’ve refreshed our strategy following an annual review and will be seeking to build on our strengths with a market-leading position in complex personal injury; growing our share of the markets for private client legal services, financial planning and investment management via IM Asset Management and will continue to build close, supportive relationships with our business clients so that we are the firm of choice for mid-market corporates.” Craig Marshall, Group Chief Executive

Other Successes in FY24

• Irwin Mitchell recruited 14 new partners including a new Regulatory team and Private Client specialists in Birmingham and Bristol
• 115 colleagues were promoted in the latest annual round including 11 new Partners and 19 new Legal Directors
• The firm continues to invest heavily in technology and has rolled out bespoke, secure AI tools across the firm
• It’s Net Promoter Score (NPS) improved from +59 to +63 while we maintained our 5-star Trustpilot score – showcasing Irwin Mitchell’s commitment to providing an excellent client service
• Irwin Mitchell was ranked in the top 25 of the Great Place to Work Initiative’s UK’s Best Workplaces for the fifth consecutive year – the highest ranking law firm
• Financial planning and investment management business IM Asset Management has increased its assets under management to c.£1.3bn.

Sustainability

• This year we completed an impact assessment with over 100 of our stakeholders to help us identify and assess our material environmental, social and governance (ESG) challenges – we’ll be sharing more details in our Responsible Business Report later this year.
• The firm continues to make good progress towards its Net Zero commitments and remains on track to achieve Net-Zero by 2040. As part of this commitment, Irwin Mitchell expects to achieve 100% renewable electricity across our offices by 2025 and halve the total organisational carbon impact by 2030
• Office energy consumption and carbon footprint have reduced year-on-year despite an increase in the number of occupied offices with total energy use down 12% year on year.