City firm Mishcon de Reya has enjoyed another year of robust UK revenue growth and recorded a rise of 13% to £110m from £97.8m, meeting its 2016 target a year ahead of schedule.
The firm said its profit per equity partner figure was expected to be ‘in excess of £950,000’, potentially resulting in a dip of nearly 3% from last year’s £975,000 though it would still be above its targeted ‘sustainable’ £750,000.
Over five years, the firm has seen a total revenue increase of over 130%, something which it attributes to heavy investment during the down-turn and building a distinct brand as an adviser bridging high-end private client work with an entrepreneur heavy corporate client base.
Mishcon is now in the process of revising its strategy, and looking to include a longer term 10-year vision that will continue to focus on private client and litigation work, and pursue further internationalisation. It recently drafted in external consultant duo, Alan Hodgart and Robbie Cowan, to help shape the plan.
Part of ensuring the firm’s continued progression was making notable lateral hires this year which included Enyo Law partner Annabel Thomas this month, corporate partner Michael Nouril who joined from Proskauer Rose, employment partner Sharon Tan from US firm McDermott Will & Emery in April, and insurance partner Richard Leedham from Addleshaw Goddard in January.
Also on the firm’s agenda is retaining extra office space ahead of its move to Africa House in Holborn this summer, and management are considering housing some of the firm’s operational staff at its current premises at Summit House or elsewhere with a view to developing training hubs.
Commenting on the results, managing partner Kevin Gold (pictured) said: ‘It is testament to the dedication of every single person who works at Mishcon de Reya that we are once again able to look back at a phenomenal year. That we have already met the targets we set out in our latest three-year plan illustrates the value of focusing our efforts into these key areas, and we will continue this strategy as we look ahead to our new 10-year vision.’
‘The coming financial year will see some significant changes, such as our forthcoming conversion to LLP status and our imminent move to Africa House. We will work together to navigate these changes successfully, maintaining our unique culture and building upon our recent successes.’