The wealth arm of personal injury legal firm Irwin Mitchell has reached the milestone of £1bn of assets under management this week.

The law firm, one of the largest in the UK, launched its wealth management service in 2000 to provide Financial Planning and investment management to personal injury clients receiving large settlements. 

From 2017 IM Asset Management widened its remit from focusing mainly on personal injury clients to offer wealth management to other wealthy individuals, investors and external clients such as business owners and charities. 

The firm says it now has a team of over 50 people offering investment management, Financial Planning, tax planning and other financial services. 

The division recently recruited former Cazenove head of Financial Planning David Austin as a non-executive director to its board.

Richard Potts, CEO of Irwin Mitchell Asset Management, said: “We offer a bespoke approach to Financial Planning and investing and we are proud that we still have clients who were with us when we started out 20 years ago, and more than 240 clients have been with us for over 10 years.

“We’re now looking forward to our next chapter; we broadened out our offer beyond personal injury clients a few years ago and we are going from strength to strength. We have a new non-executive director, we’ve now reached the landmark £1bn assets under management and we are looking forward to growing further as part of the Irwin Mitchell brand.”

The firm believes its main point of difference is being able to offer both legal and financial services to clients. The firm’s Financial Planners can also access experts across the group such as wealth structuring and tax and pensions specialists, including those with significant international clients.

The Irwin Mitchell group recently announced turnover up for the 11th year in a row, increasing to £275m. It also announced a new Flexible by Choice policy allowing staff to work “when and where they want” subject to client requirements.

Irwin Mitchell operates from 15 offices around the UK.