Staff net bonus as top law firm posts record turnover of £114m
Leading UK law firm Mills & Reeve, anchored in Cambridge, has lifted revenue 2.9 per cent to a record £114.1 million.
The firm – lead sponsor in the Business Weekly Awards – demonstrated a strong financial performance despite a challenging last quarter that ended in May and has announced an all staff bonus of around £1,000 for every employee depending on length of service.
For example a full time member of staff, who has been with the firm from 1 June 2019 – 31 May 2020, will receive £966 while a full time member of staff who has worked at the firm for five years will receive £1,111.
The bonus is pro-rated for part-time employees and staff who have been with the firm for less than a year.
The results follow a year in which the firm has achieved some significant milestones, not least of which included seamlessly migrating nearly 1,000 employees from the office to working from home within 24 hours of the first government request to do so.
Other highlights of the year pre-lockdown included:-
- •Winning RollonFriday’s Law Firm of the Year award for a third year in a row
- Appearing for a record 17 years running in The Sunday Times’ Best 100 Companies to Work For list
- Being recognised as one of the top 50 most innovative law firms in Europe by the Financial Times
Mills & Reeve’s Cambridge office saw continued and sustained growth over the year with particular emphasis on life sciences, technology and real estate within the city and wider region.
It was also a year in which Mills & Reeve committed to the Mindful Business Charter; launched various initiatives to back its diversity and inclusion objectives – including a BAME and Allies network – and reduced its gender pay gap.
During the coronavirus pandemic the firm has worked hard to ensure the wellbeing of its staff and to preserve its culture. This has included daily firmwide updates from the management team, pulse surveys to check on wellbeing, weekly Zoom support calls, and a whole host of resources and support via wellbeing supporters and champions.
Claire Clarke, Mills & Reeve managing partner, said: “It’s easy to forget the months before lockdown and focus instead on how we meet the challenges and opportunities presented by the pandemic but I am enormously proud of everyone in the firm and what we have achieved throughout the year.
“Our growth last year has, without doubt, been affected by the coronavirus pandemic impacting our final quarter. Undaunted, we have worked incredibly hard maintaining our commitment to and delivering for, our clients.
“We are responding to the challenges through new ways of working, maintaining our culture and commitment to our people as a great place to work and continuing to invest in technology and infrastructure.
“Whilst we remain in challenging times this has put us in a really strong position as we launch our 2025 strategy, outlining our ambition to become a leader in client experience, innovation, talent development and in the sectors and markets in which we operate.”