Top-50 national firm Mills & Reeve has posted higher profits despite an 8% rise in the staff wage bill, accounts filed at Companies House show.
In the year to 31 May 2023, profit before partner remuneration and profit shares totalled £54.5m, up from £50.5m in the previous 12 months. Fee income climbed to £146.7m from £131m.
Pay and pension costs for the firm’s 900-plus staff rose to £62m in 2022-23 (2021-22 £50.6m).
In August this year, Mills & Reeve announced a record all-staff bonus pool of £2.6m. Employees received between £2,327 and £2,676 for 2022-23 depending on length of service.
Income was also boosted by the receipt of bank interest on client money. As interest rate rises took hold, client interest receipts rose ten-fold on 2021-22 to £2,065,000, sending total income for the year to £148.8m.
Partner numbers rose to a record 158, as the total remuneration of ‘key management personnel’ climbed 7% to £3,854,000. The firm has not disclosed profit per equity partner.