Law Firm of the Year Mishcon de Reya has posted yet another outstanding set of financials for 2016/17, with turnover up 17% to £149.4m – meaning revenues have doubled since 2011/12 when the firm’s top line was £73.1m.
This year, revenue was up by around £22m from the £127.9m posted in 2015/16, while profit per equity partner (PEP) also rose by 10% to £1.1m.
Litigation accounted for £57m, or 38%, of the firm’s top line. In the past year, the firm launched a much publicised and successful legal action on behalf of a group of business clients to ensure the UK did not trigger article 50 without an act of parliament. Claimants also represented by Mishcon in the long-running £4bn shareholder group action against the Royal Bank of Scotland (RBS) also settled their case at the end of last year.
Following a year-long consultation with its partnership, Mishcon in 2016 set the ambitious target of lifting its revenue by 40% to £175m within three years. The firm’s managing partner Kevin Gold (pictured) confirmed the firm is ‘currently exceeding’ its own goals, despite ‘one of the most uncertain years politically and economically that we have experienced in a decade’.
The firm is also investing heavily in technology which includes the launch of an e-discovery business, Mishcon Discover, that it claims will save clients between 10% and 30% on large disclosure exercises. The firm has also launched a tech incubator dubbed MDR LAB and continues to invest in its in-house training programme, Mishcon Academy.
The firm was awarded the marquee trophy at this year’s Legal Business Awards, walking away with the Law Firm of the Year accolade for the second time in five years.
Read more: The USP – What is Mishcon’s secret formula?