Mishcon to beat three-year growth target after strong first half

Mishcon de Reya has said that it is on track to smash its three-year revenue target of £80m after seeing positive growth in the first half of 2012/13.

Kevin Gold
Kevin Gold

The firm does not publish half-year financials, but managing partner Kevin Gold said it was exceeding its turnover budget for 2012/13 at the six-month stage.

In recognition of Mishcon’s progress since it launched its three-year strategy in April 2010, Gold raised the turnover budget from £80m to £81.5m for the end of the current financial year.
He said: “We’re enjoying another strong year so far. We’re busy within the firm and expect to achieve the budget, which we set conservatively.”

Gold said the budget is what the firm must achieve, and that there is also a more ambitious target that is set by mathematical calculations of the firm’s capacity. He declined to reveal exact figures.

However, Gold added: “Each one of our six departments – litigation, commercial, employment, family, private client and real estate – are ahead of budget. There’s a good atmosphere in the firm.”

The first-half financial results build on the firm’s 2011/12 turnover figure of £73.1m, which was up from £47.5m in 2009/10 and £61.5m in 2010/11.

Gold said an ongoing root-and-branch review of the firm’s international strategy was a continuing discussion in every practice group and support service.

He added that the review was due to be completed in February and would be put to partners at the firm’s partnership retreat with the conclusions adopted in April.

Gold said: “We’ll continue to invest in certain key practice areas throughout this year. We’re unlikely to have a plan for more overseas offices, but will be actively investing in our relationships with firms and looking at the nature of those relationships and the different options in different jurisdictions.”

That process is being led by international development director Rita Jardim.

Gold also confirmed that the firm is looking at the options of non-lawyer partners and finalising plans for a “discreet private offering” of a suite of services to high-net-worth clients, as part of its ABS plans.