Profits leap 58% at Newcastle law firm Muckle LLP
A focus on improving efficiencies and increasing deal activity in the North East has delivered profit and turnover growth for commercial law firm Muckle LLP.
The Newcastle-based company has reported a turnover of £11.3m for the year to April 2018, up from £10.8m the year previous.
Profits for the period stood at £1.9m, a year-on-year increase of around £700k or 58%.
Muckle’s managing partner, Jason Wainwright, said the company is “very pleased” with the results “given the economic backdrop”.
He commented: “Our turnover increase arose as a result of our increased deal activity in the region and some key and significant client wins. Profit improved significantly.
“Much of the profit improvement arose as a result of how we account for the promotion of six previously salaried partners to the equity partnership on April 1 2017 but also came from the increased turnover combined with proactive management of our operating costs and improving efficiencies.”
Looking ahead, Mr Wainwright said the firm has enjoyed a solid start to 2018/19, with revenues and profits “well up” at the half-year mark compared to the same period in 2017/18.
He added: “Our business is currently handling a large number of deals and we are pleased to report we are again ahead of target for 2018/19 both in terms of turnover and profit.”