London and international firm Mishcon de Reya has announced a double-digit increase in profit and turnover – but it will no longer publish profit per equity partner.
In financial results for the year to 9 April published today, Mishcon de Reya reported that overall profit before members’ remuneration rose by 22% to £93 million. Turnover was up 10% to £255m. The figures were affected by the costs of an abandoned stock exchange flotation and a completed merger with City firm Taylor Vinters. The merger with the £30m firm was completed in January this year.
Announcing the results, chief financial officer Matt Hotson said: ‘Our goal is create long term value – for our clients, our people and the society in which we operate. PEP is not a metric which is helpful in this context nor is it useful for a business like ours with a diversified offering of legal and non-legal services.’
Managing partner James Libson added: ‘This was a strong performance and shows the resilience of our business in a tough trading period. We will continue to deliver on the strategy outlined on our 10-year vision, recognising that success in the current environment – with all of its complex challenges and transformative opportunities – calls for strategic discipline alongside agile decision making and an appetite for innovation.’
The firm has over 220 partners and more than 750 fee-earners in total across offices in London, Oxford, Cambridge and Singapore and through its association with Karas So LLP in Hong Kong.
