Mills & Reeve turnover rises again to record £131m
Turnover rose 5.5% reaching £131.2 million at the leading national law firm, which opened its seventh office earlier this year in Oxford.
As a result of the strong financial performance, the firm announced an all staff bonus pool of £2.4 million, £200,000 more than last year. This meant anyone working full time for the whole financial year received £2,231, while the bonus for those with five years’ service or more was £2,566.
The results follow a year in which the firm has achieved some significant milestones, not least of which included opening an office in Oxford, adding to its existing presence in Birmingham, Cambridge, Leeds, London, Manchester and Norwich. Other highlights of the year included:
- Improved client metrics in all key areas of the latest “Fearless Feedback” client survey – client recommendation and client satisfaction both 91% (+2%), and client loyalty 90% (+5%).
- A first ever ranking in the Thomson Reuters Top 20 UK Law Firm Brand Index.
- A best ever position (18th) in the UK 100 Best Companies to Work for list – featuring for an unparalleled 19 years running.
- A record 13 principal associates being promoted to partner.
- A top four spot for the sixth year running in RollOnFriday’s best law firm awards.
Head of Mills & Reeve’s Oxford office, Peter McLintock, said: “Our record performance, despite the political and economic challenges of the last year, reflects the resilience and strength of our clients’ businesses in the region, as well as nationally and internationally. Having only opened an office in Oxford this year, despite working in Oxfordshire for some time now, the investment, innovation and entrepreneurialism here is great to see and be a part of.”
Commenting on the financial performance, Justin Ripman, Mills & Reeve senior partner, said: “It is an important part of our culture that everyone shares in the financial success of the firm and our all staff bonus is a great example of this. We recognise the importance of the bonus and the way in which we calculate and allocate it differentiates us from many other firms.
“On behalf of every partner in the business, I am extremely grateful for the role that everyone has played in winning work, being a leader in client experience and pulling together to support each other and push the business forward. Being able to pay a bonus reflecting the great performance of the firm is really pleasing.”
Read more B4 Business News here
Join our LinkedIn Page
Warning: Undefined array key "author_person" in /home/b4business/public_html/wp-content/themes/b4-2020/functions.php on line 121
Warning: Trying to access array offset on value of type null in /home/b4business/public_html/wp-content/themes/b4-2020/functions.php on line 121
More in Solicitors
Freeths sets 2040 net zero pathway with release of first firm‑wide...
Leading law firm Freeths has just published its first Net Zero Transition Plan, marking a major step forward in the firm’s long-term commitment to responsible business. The plan sets out a clear, science-aligned pathway to achieving net zero across the value chain by 2040, underpinned by newly validated near and long-term targets from the Science […]
TalkTalk Business expands managed services portfolio with addition of Planet IT
Leading law firm Freeths has advised the selling shareholders of Planet IT on the sale of the business to TalkTalk Business, supporting TalkTalk Business’s expansion of its managed services portfolio.
Freeths Spotlight: A Young Apprentice’s Path to a Career in Law
Freeths has been working with an outstanding legal apprentice who has shared her story about carving out a successful career in law via the apprenticeship route. She’s currently part of the team at Freeths in Oxford, and her experience offers a really strong example of the opportunities apprenticeships can provide in the legal sector.
From this author
End of 2025: Business reflections from Mills & Reeve
As we wrap up 2025, it’s a good moment to pause and reflect on what’s been an eventful year for Oxfordshire and to look ahead at what’s on the horizon for 2026.
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.”
Mills & Reeve announces record turnover of £181m as new head...
Leading UK law firm Mills & Reeve has announced turnover growth of £13 million over the 2024/25 financial year, resulting in a new high annual turnover of £181 million. Its Oxford office has seen standout success, with 55% fee growth and a new head of office appointed to lead its next chapter.