Commercial law firm Muckle LLP has posted record results as turnover exceeded pre-pandemic levels.
Accounts for the Newcastle firm for the year to March 31 showed that turnover rose 15% to £14.3m, with operating profit also rising to a level of £3.4m. The company saw growth of 72% in its agriculture and rural estates team, while the construction team saw growth of 30%. Its more established corporate and real estate teams saw growth of 6% and 8% respectively.
The company’s success saw a £174,000 pay-out to its employee profit share scheme and it also highlighted a number of individual and team award wins, saying that its retention of Investors in People Gold status made it one of the top ranked law firms for its size in the world.
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But the accounts also sounded a note of caution about how rising inflation could affect the regional business economy.
The accounts say: “The leadership role we continue to play within the North East and Cumbria business community gives us strong building blocks for the future, along with our adaptability, innovation and our people’s hard work and commitment.
“As we close a quarter with inflation reported at 10%, the region and sector will fact significant headwinds. We have, however, made a strong start to the new financial year with quarter 1 trajectory up 11% on 2021.
“Looking forward, we have developed robust plans to continue our desired growth trajectory with some exciting client wins and opportunities and have the foundations to face future challenges confidently.”
Among clients advised by Muckle in recent months are Newcastle estate agency business iamproperty group, The Lakes Distillery and Elmtronics. The accounts show that Muckle’s number of fee earners stayed the same at 83, while support staff fell by two to 54. The company’s wage bill rose slightly to £6.7m.
Managing partner Jason Wainwright said: “Our adaptability, innovation and our people’s hard work and commitment and the loyalty of our clients have been instrumental in our success. As we close a quarter with inflation reported at 10%, the region faces significant challenges, but we have, however, made a strong start to the new financial year, with our first quarter turnover has risen by11% on 2021.”
Muckle can trace its roots back to 1896 and converted to LLP status in 2006.