Legal Business Blogs

Blistering run comes to an end for Mishcon as PEP falls and revenue growth slows

In what has been a strong reporting year already for a number of mid-market pacesetters, it is perhaps surprising to find that the frenetic growth of recent years at Mishcon de Reya has finally slowed.

The firm’s 8% top-line growth to £161.3m remains strong but is slower than last year’s 17% hike to £149.4m and resulted in a 9% dip in profit per equity partner (PEP) to £1m.

It means the firm has added around £10m to its top line this time around compared to £22m last year, when PEP rose by 10% to £1.1m.

However, managing partner Kevin Gold said it was ‘very heartening’ to see ‘this level of growth across the firm in such challenging and unpredictable market conditions’.

‘I am proud that in the past year we have not only welcomed many new and talented people into the firm but that our senior equity partnership has also grown,’ added Gold, although the firm would not confirm changes to senior equity partner headcount.

Headline hires over the year included Addleshaw Goddard corporate partner Tim Field  and disputes stalwart Ben Giaretta from Ashurst.

Gold also pointed to the expansion of the firm’s non-legal offering. Mishcon expanded its cyber security consultancy service  and its private family advisory service Mayfair Private, which brings together lawyers, accountants, education advisors, property advisors and psychologists.

‘We have made great strides in delivering against our ten-year vision in the past year, working alongside data experts and legal engineers to further our technological transformation and developing our non-legal offerings for our clients,’ added Gold.

This year’s results mean the firm has hiked its top line by 82% since 2012/13, when it stood at £88.4m, one of the most impressive results among the UK’s top 100. Its growth this year, however, compares unfavourably with some upcoming City players including Fieldfisher, which hiked its top line 24% to £207m, and Osborne Clarke, which grew 14% to €273m.

For more on Mishcon’s recent success, see ‘The USP’ (£)