More firms continue to post hefty profit and revenue increases reflecting a stellar year for the legal sector.

Irwin Mitchell Group reported this week that total profit before tax increased by 13% to £24.6 million in the year ended April 2025. This was based on total revenue going up by 8% to £329.3m. Cash reserves rose from £59m to £69m. The firm continues to be debt free.

The results come off the back of office numbers growing but the business itself slimming down, as subsidiary IM Asset Management was sold and the book of volume personal injury cases offloaded.

During the year the firm opened an office in Nottingham and expanded in Scotland, as well as acquiring the specialist immigration team from London firm Carter Thomas.

International revenue increased by 50% to £16.2m based on membership of several global networks. Meanwhile the private client department recorded 17.5% annual growth.

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Craig Marshall, group chief executive, said it had been a strong year for the company proving that the strategy is working and the market is responding. He added: ‘We made several important decisions during the year, such as the sale of our asset management business, which simplifies our client service portfolio and allow us to invest more in our core legal services, our colleagues and technology, setting us up for future growth.’

Meanwhile, another firm with Yorkshire roots, Walker Morris, reported record results with net profit for 2024/25 up by 11% to £37.5m. Total revenue of £84.2m was 14% up on a year earlier and 50% more than five years ago.

The firm said it had reflected the success of the last 12 months by increased its bonus pool, with the best performers commanding a bonus of up to 35% of salary.

Jeanette Burgess, managing partner, said: We ended the year with all of our core service-lines and market groups maintaining the upward growth trajectory seen in prior years. That level of performance has continued into Q1 this year and we are actively looking to add to our bench-strength, particularly at partner level, to meet the demand. These are all positive trends and provide us with real encouragement for the remainder of this year and beyond.’

 

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