Law firm staff handed £2 million bonus windfall
Staff at Cambridge-based national law firm Mills & Reeve have been handed a £2 million bonus on the back of record annual results.
The bonus – worth £2,273 to every full time employee who has been with the firm for at least a year – is the highest ever paid by Mills & Reeve. It equates to seven per cent of the firm’s salary bill.
The windfall follows a stellar year with turnover rising to a record £106.3 million – 14 per cent up on the previous 12 months.
Mills & Reeve outperformed the top 100 UK law firm average with fee income growth of 13.5 per cent compared to the average of 7.7 per cent. The results benefited from the successful merger with London law firm Maxwell Winward in June 2017, which accounted for 41 per cent of the turnover growth.
Claire Clarke, Mills & Reeve managing partner, commented: “We are delighted by this strong financial performance which was achieved through the hard work of our people in delivering the expertise, service and results that our clients demand.
“One of the key objectives of our 2020 strategy was to achieve £100 million turnover and the fact that we have realised it two years early is testament to the success of our collaborative culture.
“Everyone at Mills & Reeve contributes to the firm’s success and therefore it is only right that our people get to share in this with the largest ever all staff bonus.”
• PHOTOGRAPH SHOWS: Claire Clarke