Underlying profits at City legal giant Mishcon de Reya exceeded £100m last year on the back of a steep rise in fee income. The increase came despite the firm’s wage bill climbing by more than 20%, according to accounts newly filed at Companies House.

In the accounting period ended 31 March 2024, Mishcon posted an operating surplus of £100.2m on revenues of £303.2m. This is up from £94.7m and £256.7m respectively in the year ended 9 April 2023.

Due to Mishcon changing its accounting year-end by nine days, the two periods are not directly comparable.

Pre-tax profit before partners’ remuneration totalled £97m in 2023-24, up from £93.2m last time. Staff costs including wages and pension contributions (excluding the firm’s 200-plus partners) climbed to £122.6m from £101.2m.

Mishcon does not reveal profit per equity partner, but the accounts disclose that the firm’s top earner received £2m for the period ended 31 March 2024 (2023 £2,360,000). ‘Key management personnel’ shared £13,657,000 (2023 £17,088,000).

A revenue breakdown reveals that UK income climbed by more than £35m in the latest period, to £276m. Income from the rest of the world increased by about 50% to over £25m. By business segment, income from consultancy services relating to brand management and family advisory rose from £17.8m to £25.9m.

Mishcon has over 200 partners and more than 1,200 staff in total across offices in London, Oxford, Cambridge and Singapore, and through its association with Karas So LLP in Hong Kong.

In 2022 Mishcon abandoned plans for a stock exchange flotation ‘for the foreseeable future’. Last year the firm agreed a £75m revolving credit facility with three banks which the firm said would allow it to pursue ‘investment opportunities’. In 2023-24 these have included the £15m acquisition of Flex Legal, which places lawyers and paralegals in temp jobs. The firm hailed the Flex deal as its ’first strategic acquisition in the alternative legal services market’.

Mishcon has been approached for comment. 

 

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