Celebrating another record year with our highest turnover and all staff bonus
Mills & Reeve are pleased to announce a record turnover of £168 million for 2023/24, a 14.1% increase. Fees grew by 14.6% surpassing ambitious targets set for 2025 a year in advance.
Our culture of shared success is demonstrated by the highest ever all-staff bonus pool of £3 million, meaning staff received between £2,420 and £2,783 depending on length of service*.
The strong financial results follow another successful year which has achieved several significant milestones and embarked on a range of exciting projects, including:
- Major investment in 22 new partners over the last 12 months, including 12 lateral hires and 11 internal promotions
- Moving their Birmingham office to One Centenary Way, one of the city’s most sustainable and SMART buildings
- Preparing to double their footprint in Leeds as headcount rises by 25%
- Trialling GenAI through contract analysis and drafting tools
- Being recognised within the professional services sector as one of only 15% of firms who are considered at an advanced stage of client feedback with 89% client recommendation score
- Teaming up with client Albanwise Environment on the first step in an innovative, first of its kind partnership to transform a difficult to cultivate area of floodplain into a biodiverse wetland
- Being listed in the Sunday Times Best Places to Work for the first time as one of the best big organisations, adding to Platinum Investors in People accolade.
- Increasing maternity and paternity pay.
Managing partner, Claire Clarke, commented: “Our growth is a direct result of the hard work and dedication of everyone at Mills & Reeve. We believe in rewarding our staff for their contributions, and I’m thrilled to announce this record bonus as a token of our appreciation.
“It’s been a year of significant strategic investments, including the addition of 22 new partners to the firm and a new Birmingham office. These developments not only contribute to the firm’s growth but also reinforce our commitment to providing an exceptional environment for our people.
“As we look to the future, we remain dedicated to enhancing our systems and technology while making sure crucial issues such as sustainability and wellbeing remain at the top of the agenda, ensuring we remain a true leader in the legal marketplace.”
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Innovation gap opening due to varying AI adoption – Mills &...
An innovation and governance gap is opening up between businesses that realise the potential of GenAI and those that see its impact as limited, our new report has found.
According to The Critical AI Window, organisations that don’t find ways to capitalise on the potential of AI to drive innovation and growth run the risk of being left behind. As a result, competitive edge is at risk.
Our report shows that less than a third of businesses (31%) are using GenAI, with only one-fifth (22%) seeing it as high value.
Paul Knight, partner at Mills & Reeve said: “There is a clear divide amongst businesses – between those that have bought into AI and are building systems and processes around it, and those that are still unsure of its impact beyond mid- to low-value tasks, such as reducing administration and improving efficiencies and productivity.
“This divide is opening up an innovation and governance gap, as early innovators seize on the opportunities that AI presents. While our research shows that the number of businesses using GenAI is likely to rise to 72% by 2027, the lag in performance between then and now could become insurmountable.”
The report highlights the biggest concerns felt by businesses over AI adoption. The majority (90%) are concerned about inaccuracy, more than eight in ten are worried about safety risks (85%), such as cyber attacks, with the impact on future employment also a cause for concern. However, despite 83% of respondents stating that are worried about regulatory compliance, only 31% of businesses have a risk mitigation strategy in place.
Paul added: “The explosion of GenAI has seen a raft of regulations introduced across the world, with more likely, and all of them subject to change as AI understanding develops. In the UK, the regulation of AI relies on existing legal frameworks such as intellectual property, data protection and contract law, highlighting the growing need for these frameworks to be adapted to address the novel risks and complexities introduced by AI technologies. All this suggests that there will be no steady state for regulation for some time.”
However, the risk of not complying is significant, both reputationally and financially. Within the EU, under the EU AI Act, for example, violations can cause administrative fines of €35 million or 7% of total global turnover, whichever is greater.
“There is a real need for businesses to set their own guardrails as legislation in the UK catches up. If they don’t fully understand the legal and ethical boundaries – whether around data protection, intellectual property, or equality law – the consequences could be profound. A single misjudgement could expose the organisation to group litigation.”