National firm Irwin Mitchell has insisted that no decisions have been made following speculation over the weekend that it was considering accepting private equity investment.
A Sunday Times report claimed that the Sheffield-headquartered firm wants external funding to bring back control of its parent company from retired and former partners. It was stated in the report that more than half the equity in the parent holding company is now owned by people no longer with Irwin Mitchell.
A spokesperson for the firm told the Gazette: ‘We regularly review our funding options but no decisions have been made to take on external investment. Irwin Mitchell is financially stable and debt-free, allowing us to continue to invest significantly in our people, technology and regional presence to support sustainable long‑term growth.’
Part of the issue stems from an abandoned plan to become a listed company, under which partners were granted shares in the holding company alongside their equity in the LLP. While many of these individuals have left the LLP, the report suggests that a number retain their shares in the parent company.
Irwin Mitchell has changed significantly in the past 15 years, shedding its reputation as a personal injury specialist and closing its high volume wills division to focus on providing business legal services to commercial and corporate clients.
It reported total revenue up 8% to £329m for the year to April 2025, with total pre-tax profit increasing by 13% to £24.6m. The firm operates from 25 offices and earlier this year announced plans to move to an expanded Sheffield base.
Leave a comment