Mishcon de Reya saw its revenue rocket by more than 20 per cent last year, increasing from £24.2m to £29.1m.
The firm’s accounts have yet to be audited, but provisional average profit per equity partner (PEP) figures show that the firm boosted PEP by 28 per cent, from £295,000 in 2005 to £410,000.
The revenue figure is a distinct improvement on Mishcons’ performance in 2004-05, when fees increased by just 3 per cent.
Mishcons managing partner Kevin Gold said the upturn was partly the result of a wide-ranging practice review, known as ‘MQ2’, undertaken two years ago. Under this review, said Gold, departmental and practice area feedback had been “tabularised and corporatised”, leading to increased efficiencies throughout the firm.
On its current business plan, Mishcons is targeting a turnover of £50m by 2008. It had previously aimed for a 50 per cent increase in PEP on 2005’s figures, a target that has been all but reached in the last financial year.
Gold said the firm would be looking to raise PEP by a further 25 per cent next year, which would take it above the emerging benchmark for mid-sized firms of £500,000.