Mishcon de Reya boosts PEP by 70 per cent

Mishcon de Reya has smashed the mid-market trend for average profit per equity partner (PEP) with an astonishing 70 per cent increase on 2005-06 to £698,000.

The Holborn firm also posted a record revenue of £39.1m, an increase of 35 per cent.

Managing partner Kevin Gold said the figures were the result of large-scale investment in people and the firm sticking to a core set of values across every area of the business.

He added that the details of Mishcon's new bonus would soon be finalised. The total amount allocated by the firm's 20 equity partners for distribution to all fee-earners and support staff is likely to be well in excess of £1m, and could be as much as 15 per cent of Mishcon's £13.96m net profit.

Mishcon's £698,000 PEP is a pre-bonus figure, meaning the residual profit left for equity partner distributions will be lower. Sources suggest that the post-profit PEP allocation will be in the region of £640,000.