Mishcon de Reya has 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.
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.
Mishcon’s three-year plan, spearheaded by managing partner Kevin Gold, kicked off in April 2010 with the aim to drive revenue and profit growth. In recognition of the firm’s progress since it launched its three-year strategy, Gold raised the turnover budget from £80m to £81.5m for the end of the current financial year (21 November 2012).
“Each one of our six departments – litigation, commercial, employment, family, private client and real estate – are ahead of budget,” Gold said in the first half of 2012/13. ”There’s a good atmosphere in the firm.”
Kas Nouroozi’s 20-partner litigation group was Mishcon’s single largest revenue-generating practice area for the year, contributing 34 per cent of turnover. Meanwhile the 17-partner property team, headed by Nick Doffman, generated 22 per cent while Nick Davis’s 16-partner corporate group chipped in 14 per cent.
As part of plans to widen its litigation offering, the firm recently launched a competition practice with partner hires from Crowell & Moring and DLA Piper (11 March 2013). It also bulked up its private equity practice with two Dundas & Wilson partners (9 April 2013).
Gold is to launch another three-year plan for the firm from this year, with more details to follow.
Read about Mishcon’s branding in this week’s The Age of Marketing feature.