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Mishcon de Reya to put investment before profit" />Mishcon de Reya has reported limited growth in 2007-08 as the firm’s partners prepare to invest heavily in new offices and growing the litigation arm.
Net profit was 10 per cent up on 2006-07’s, rising from £14m to £15.4m.
Average profit per equity partner (PEP) improved by just 1.7 per cent, up from £698,000 to £710,000, with an equity spread of £350,000-£1.2m across the partnership. Last year the West End firm was noted by The Lawyer for having improved PEP by 70 per cent to £698,000 – up from £411,000 in 2005-06.
Managing partner Kevin Gold said that, after having breached the £700,000 PEP barrier, the firm was looking to invest in the business.
“The PEP figure would have been £730,000, but we’ve decided to hold back because we want to make a substantial investment in a new office building and to also show that the underlying business can be sustained at that level,” he said.
Gold plans to move Mishcon into new premises by the end of 2009 after having “grown out” of it current Red Lion Square base.
Gold added that the firm had seen a “significant upturn” in its litigation practice, which includes family and employment work.
“The litigation practice is giving us a hedge against the downturn in the corporate practice,” he explained.
Mishcon is also reserving cash to plough into the corporate practice when the global economy is more stable, he revealed.