Mishcon de Reya has hit its target of £100m in revenues by 2016, with 2013/14 turnover up 18% to £104.6m and profit per equity partner (PEP) up by 16% to £975,000, constituting 107% growth since 2009.
The results come as Pinsent Masons enjoyed an uptick in its financials for a second successive year, with revenue up 4.6% to £323.3m, while profit per lawyer increased by 11% from £40,000 to £44,500. PEP increased 4.7% from £387,000 to £405,000.
Speaking to Legal Business, Mishcon’s managing partner Kevin Gold (pictured) said that each department within the top-40 firm ‘shot well over its target’, but the biggest growth was in private client, real estate litigation and corporate.
The firm has made several strategic hires in recent months, including launching a dedicated business crime unit with the arrival of Alison Levitt QC, formerly the principal legal adviser to the Director of Public Prosecutions (DPP). Levitt is joined by former DPP Keir Starmer as a part-time consultant.
The firm’s private client capability was also enhanced last month as it confirmed it will launch an independent advisory business entitled ‘Mayfair Private’ with offshore fiduciary firm Opus Private to provide ‘discreet professional solutions’ to wealthy individuals, families and private offices.
Gold added: ‘We’ve got to consolidate our position as a Rolls-Royce house. We’ve had fantastic figures, but we need to bed that down and create a sustainable profit level.’
Meanwhile, Global 100 firm Pinsents enjoyed an uptick in its financials for a second successive year, after revenue in 2012/13 jumped by 40% to £309m from £221m thanks to its merger with McGrigors in June 2012.
Managing partner David Ryan said: ‘Inevitably the extended period of investment we’ve made in the firm through merger, office openings and continued lateral hiring for our long-term benefit impacts our profitability in the short-term and has restrained our PEP improvement. But that run of investment has put the firm in a strong position to capitalise on opportunity in the marketplace and our focus now is on realising the strongest returns and boosting profitability with a more modest level of investment continuing alongside that.’
sarah.downey@legalease.co.uk