Mishcon de Reya is pinning its hopes of future revenue growth on its private client base, with the launch of a new business for high-net-worth individuals and wealthy families.
Mishcon’s as-yet-unnamed new initiative will provide private bank relationship management advice, consolidated asset reporting, tax and structuring advice.
It will also offer concierge services, an extension of the offering Mishcon launched in 2010 with luxury lifestyle group, Quintessentially.
It will specifically not offer asset management services, however, as that would require the firm to be regulated by the FSA.
James Libson, head of the Mishcon Private group, said the move was effectively a formalisation of the development of the practice area that had helped drive the firm’s recent growth.
“A lot of the growth we’ve seen at Mishcon over the past couple of years has come from our private client base and from the firm refining the service offering to these clients continuously,” said Libson.
“Even in other parts of the practice, such as real estate and corporate, a lot of the activity comes from a certain type of client with money to invest. We’re targeting a similarly large increase this year, with revenue set to be in excess of £70m.”
Last year Mishcon’s total fee income rose by 30 per cent, from £47.5m to £61.5m (2 June 2011).
Along with the private client initiative, Mishcon is also in talks with a major brand consultancy about launching a joint venture to offer legal advice to the latter’s predominantly Asia-based clients looking to bring capital and business into the UK.