The wide-ranging strategy, which will be officially rolled out to partners and staff later this year, pinpoints six sectors for potential growth at the 79-partner firm.
In particular, insurance and reinsurance, healthcare, universities and urban regeneration work have all been singled out for major investment.
The firm will also consider several possible new locations to add to the firm’s existing offices in
Senior partner Mark Jeffries oversaw the composition of the new strategy, supervising a team that canvassed the firm’s partnership and junior lawyers as well as representatives from its support staff base. Jeffries worked in tandem with the firm’s senior management team and its partnership council.
The fresh approach officially starts at the beginning of 2008 and will replace the firm’s current three-year strategy, which expires this year.
Mills & Reeve managing partner Guy Hinchley told Legal Week: “Law firms must evolve constantly and react to how the business world has changed around them. This is an ambitious plan but attracting more work to the firm creates excitement about the business and more opportunities for people.”
Hinchley added that the firm was keen to use its work-life balance as a selling point for recruitment.
“We have never defined success by profitability and are going to use the strong culture of the firm to much more competitive advantage,” he said.
In the last financial year Mills & Reeve unveiled a 14% rise in fee income to hit £57m while average profits per equity partner rose by 9% to £275,000. The firm also this year sealed its conversion to limited liability partnership status.
Earlier this month the national firm hired DLA Piper partner Alex Jones to head up its real estate practice in
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