Mishcon de Reya has become the latest firm in the LB100 to resist the economic onslaught of Covid-19 in its financial year end, the firm’s figures show, with revenues up for another year while profits regained momentum.
Turnover increased a healthy 6% from £177.8m to £188.3m over 2019/20, while profit per equity partner was up 5% to £1,050,000. Though the revenue growth is a comparative slowdown on last year’s pacier 10% rise, the rise in profits will be welcome after falling flat in 2018/19, and dropping 9% the year prior to that.
Commenting on the results, managing partner James Libson said: ‘It is heartening to see continued growth at the firm, which is underpinned by a strong performance across our entire offering – especially our dispute resolution and private teams, as well as an increasing number of institutional clients using our services.
‘The resilience of our transactional business – even as Covid bit – is a testament to the quality of our real estate and corporate offerings while continuing impressive growth in our litigation work over the past year has been characterised by large, high profile and often international cases. Our private team has seen great success across the board and particularly in ongoing areas of investment such as tax and wealth structuring (and the odd constitutional challenge).’
2020 has proved a tumultuous year particularly for Mishcon so far. In January, the firm announced it had withdrawn from Manhattan after ten years as the firm’s three remaining partners jumped ship to the New York office of King & Wood Mallesons. Later in February, the firm lost a pair of City disputes partners with Mohammed Khamisa QC and Masoud Zabeti departing for the London office of Greenberg Traurig.
However, in April the firm announced that highly-rated arbitrator Louis Flannery QC was joining the firm from Stephenson Harwood, where he headed up international arbitration for more than ten years. Then in May, Mishcon opened shop in Singapore, with an initial focus on delivering legal services to high net worth families across South East Asia.
Though Mishcon’s latest financials are robust, 2020/21 is when the impact of the Covid-19 lockdown will be felt in earnest. Regarding the tougher year ahead, Libson concluded: ‘We know that there will be choppy waters ahead as the ongoing impact of the pandemic is felt by businesses and families alike. However, we remain confident in our strategy and our 10-Year Vision, and will continue to be bold in pursuing our ambitious plans.’