Mishcon de Reya has posted its fourth consecutive above-target financial result, announcing revenues of £97.8m for the last financial year. The figures mean that the firm has achieved 100% growth in revenue since 2009, when its turnover stood at £47.3m. The results put Mishcon ahead of target to achieve the £100m revenue goal it set out in its 2013-2016 business plan.
PEP has risen to £975,000, a significant increase on last year's figure of £840,000, leaving the firm comfortably on target to meet its goal of sustainable PEP above £800,000.
Mishcon's latest three-year plan also included the stated intention to become the 'leading Litigation and Private firm in London', and the latest financial year has also seen the firm make a significant investment in achieving this ambition, with a number of strategic hires.
In March, Mishcon announced the appointment of Alison Levitt QC, the Principal Legal Advisor to the Director of Public Prosecutions of England and Wales and one of the most senior prosecutors in the country. In June, Alison was joined by former colleague, Sir Keir Starmer, KCB, QC, previously Director of Public Prosecutions of England and Wales; just the latest hires which underpin the firm's commitment to developing its Litigation practice. Other examples include the appointment of Brazilian sports lawyer Nilo Effori, who joined in February from Denton's, and Nick Lane who in September 2013, joined Mishcon's Property Litigation Group as Partner from Olswang, where he was Head of Construction.
In November, the firm launched its restructured Tax offering, having consolidated the practice to encompass all related services, including: Real Estate Tax; Corporate Tax, as well as Private Tax & Wealth Planning. Mirroring the firm's broader strategy, the new practice was launched in recognition of the changing needs of clients, as their personal and business concerns increasingly overlap. Mishcon has made a number of hires in this area in the last year, including Stephen Coleclough, President of the Chartered Institute of Taxation, who joined the firm as a consultant in January; John Skoulding, who joined in November from SJ Berwin (now King & Wood Mallesons), specialising in a wide range of corporate, private equity and individual taxation; and Solicitor Tatiana Sidneva, an English and Russian speaking lawyer - admitted in England and Wales, New York and Russia - with substantial experience in private wealth management, advising high net worth and ultra-high net worth individuals on international tax matters.
The firm's Private capability was boosted further as Mishcon continued to grow its established Family Practice, with the hire of Partner Ursula Danagher, former Head of the Family Team at Memery Crystal, in November.
Other significant hires include Tim Flood, who joined at the beginning of March 2014 from Jones Day, focusing on securities regulation and investment funds; and Eve Ellis who arrived in May from Charles Russell, with particular experience in investment fund matters. Together, these strategic hires underpin an on-going focus on Private Capital-related matters, an area that the firm has identified as of growing importance in the world of financing and investment.
Commenting on the firm's achievements over the last year, Mishcon's long-standing Managing Partner, Kevin Gold, said: "It is with great pride that we again announce such positive financial results and reflect on the momentum of our current three-year plan.
"We are acutely aware of the risks of complacency when times are good, and strongly believe that it is as critical as ever that the firm continues to be focused, proactive and bold in its strategic decisions."
"It is this determination, as well as the hard work of every one of our 580 employees, that has led to the results we are seeing today."