Mishcon de Reya was among the stellar performers in The Lawyer’s top 200 last year. Without the benefit of a revenue-bumping bolt-on, but certainly thanks to a slew of lateral hires, Mishcon grew turnover by almost 30 per cent, breaking through the £60m barrier for the first time to hit £61.1m.
The firm is now into the second year of a three-year strategy aimed at boosting revenue to £80m. If the additional £4.3m generated by its New York office, run as a separate LLP, is factored in, Mishcon is already even closer to that magic £80m figure. Adding in New York would also bump up the firm’s top of equity, from £800,000 in the UK to £1.5m.
On average, each of Mishcon’s 29 equity partners took home at least £575,000 in profit last year on a 100 per cent merit basis, a rise of 27.8 per cent on 2009-10. Mishcon’s profit margin rose from 21 per cent to 22.6 per cent.
Litigation continues to power Mishcon, contributing the 37 per cent of total revenue boosted by the firm’s role acting for phone-hacking claimants against the News of the World. Property and corporate chipped in 20 per cent and 14 per cent respectively.