Member Article

Profits soar 65% at Newcastle law firm Muckle

North East law firm Muckle LLP has reported a 65% profit rise for the year ending April 2016.

Based in in Time Central, Newcastle, the commercial law specialist saw profits rise from £1m to £2.6m.

Employing 146 people, including 28 partners, the LLP also saw turnover increase from £11.5m to £12.1m.

Jason Wainwright, Managing Partner, was delighted with the firm’s latest results although remained cautious for the year ahead.

He commented: “We saw a reduction in work levels as a result of a slow-down in the economic climate after the Brexit vote in Q1 and Q2 of the current financial year which we expect to influence our 2017 year-end performance and results.

“However despite the on-going uncertainty in the market place we have seen a sharp increase in work levels since September and are experiencing some good successes and key client and work wins. Our Corporate team continues to top the North East rankings for business transactions over £500,000.

“We have also been buoyed by the first in a series of our ‘State of the Region’ business forums we hosted with the North East LEP which was attended by over 100 businesses.

“[The event] was an invaluable opportunity for us to listen to the collective issues and concerns regarding the present economic and political climate from the North East business fraternity.”