A top-100 firm has posted a slight dip in profits following two ’record’ financial years, while stressing it has invested significantly in IT infrastructure.
JMW Solicitors LLP said turnover grew from £66.6m in 2022 to £74.3m in the year to 30 April, against a target of £71.9m.
However, profit before member remuneration fell from £26.3m in 2022 to £25.8m. Profits available to full equity partners totalled £12.7m, down from £14m last time.
Marc Yaffe, managing partner, said the fall in profits 'can be attributed to our important decision to invest heavily in our IT infrastructure, with a particular emphasis on introducing cutting-edge technology specifically designed to streamline the process-driven areas of the business, so as to better service our clients.
'We also further invested in our London office, taking another floor in King’s House as well as recruiting a further 55 people. In addition, we, like other firms, have experienced a significant increase in energy costs across all offices.'
During the last financial year, most departments across the firm continued to increase revenue. Personal Injury and Court of Protection lead the way with rises in fee income of 23% and 28% respectively.
Yaffe added: 'Everyone has found the past financial year to be particularly challenging as they dealt with the ongoing cost-of-living crisis and a significant uplift in energy prices. We have made it our priority to look after our people and have delivered numerous initiatives from adopting a Real Living Wage policy to paying out a bonus, not just once but twice in the past financial year.'
