Mishcon de Reya has posted its financial results for 2013/14, which reveal a doubling of turnover since 2009.
Last year Mishcon’s London revenue grew by 17 per cent from £83.4m to £97.8m, an increase that takes turnover just short of the three-year 2013-2016 business plan budget target of £100m that was set last year (23 July 2013). In 2009 Mishcon’s turnover stood at £47.3m.
The firm’s consolidated revenue figure, which includes turnover from Mishcon’s New York office, exceeds £100m for the first time. Mishcon’s consolidated results show an 18 per cent increase from £88.4m to £104.6m
Average profit per equity partner (PEP) at Mishcon last year rose by 16 per cent from £840,000 to £975,000, although it is understood that this figure excludes profit from the US office, which is structured as a separate LLP.
In a statement, Mishcon’s managing partner Kevin Gold, said that despite his firm’s positive financial results and “momentum of our current three-year plan”, he and his partners remained “acutely aware of the risks of complacency when times are good”.
“We strongly believe that it is as critical as ever that the firm continues to be focused, proactive and bold in its strategic decisions,” added Gold.
Prominent in Mishcon’s current three-year plan is its intention to become London’s “leading litigation and private firm”. The most recent financial year has seen the firm make a series of investments in achieving this ambition.
In March, Mishcon launched a business crime unit with the hire of Alison Levitt QC, the principal legal adviser to the Director of Public Prosecutions (19 March 2014), as a partner in the firm’s litigation group.
In June, Levitt’s hire was followed by that of Sir Keir Starmer, previously Director of Public Prosecutions of England and Wales, who joined as a part-time consultant in the same team.