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Mishcon de Reya has launched a new three-year growth plan that could see it shoot up the UK200 revenue table with a three-year budget target of £100m.
Managing partner Kevin Gold told The Lawyer that the broad plan is to escalate the firm’s reputation as a “leading litigiation firm in London” over the next three years, growing global revenue from £88.4m to £100m.
Last year the firm promoted Jenny Stebbing, a member of the business development team who focuses on employment, to a new position aimed at helping Mishcon focus on its relations with primarily UK intermediaries (16 July 2012). It also hired Rita Jardim, the former administrative director of Mishcon’s international network Legalink, to help enhance the firm’s international relationships.
Among other items to be included in Mishcon’s new three-year plan will be new products related to its ABS conversion and a possible office move as the firm’s lease on its Red Lion Square headquarters has a break clause in 2017.
According to Gold another ambition is to “Mishconise” everyone within the firm, a term which Gold explains means to really understand the firm’s core values: “Be nice, be cool, have fun. Give your clients a good service.”
Mishcon de Reya recorded average profit per equity partner (PEP) of £840,000 for the 2012/13 financial year, an increase of 20 per cent on last year’s figure of £700,000 (18 July 2013).
The results bring three-year profit growth to 87 per cent, from £450,000 in 2009/10 to £840,000 today. It also marks a return to pre-recession figures, when PEP stood at £740,000 in 2007/08 before dropping 39 per cent in the two years that followed.
However during that time the firm has seen turnover rise by a whopping 86 per cent, from £47.5m in 2007/08 to £88.4m for the 2012/13 year (8 May 2013). London turnover accounted for £83.4m.
In 2012 Mishcon won the Law Firm of the Year Award at The Lawyer Awards, primarily in recognition of how far the firm has developed in recent years.