Law Firms

Irwin Mitchell profits soar by almost 50%

The firm reported their profit-before-tax has risen to £34.8 from £23.7

Irwin Mitchell has reported that its profit-before-tax has risen to £34.8m from £23.7m, an increase of 47%, for the 2020-21 financial year. 

Meanwhile turnover rose to £275.8m, up 2% from £269.3m, reflecting the “benefit of a wide range of cost saving measures to mitigate the impact of Covid-19 as well as the higher revenue”. 

The firm’s cash generation was also strong and debt collection has also improved over the time period.

The firm did not disclose a profit per equity partner figure, saying that does not apply to how its partners are remunerated.

Outside of legal services, Irwin Mitchell grew its assets under management by 20% to £946.5m. Group company Ascent – which specialises in debt collection – also saw revenue increase during the year.

Chief executive Andrew Tucker said: “This was a year of strong financial and operational delivery for Irwin Mitchell. 

“Our performance was a testament to the resilience of our cash generative business model, the benefit of our prudent financial management approach which helped to mitigate the impact of Covid-19 and the brilliant response of our colleagues in delivering outstanding client services.” 

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