Two high-profile firms have reported double-digit increases in revenues and healthy profit figures as the City enjoys a resurgence in transactional work. 

In announcements for the year to April 2024, London firm Mishcon de Reya announced revenues up 17% to £300m. However net profits slipped 3.2% to £90m. For the second year running, Mishcon has not revealed profit per equity partner. In last year’s results announcement, the firm said that 'PEP is not a metric which is helpful ... nor is it useful for a business like ours with a diversified offering of legal and non-legal services'.

Meanwhile Surrey-based commercial firm Stevens & Bolton reported revenue up by 20% in the 11 months to 30 March, with net profit increasing by 36% over the same period. On a 12-month basis, revenue grew by 18% to £42.3m, net profit by 31% to £16.7m and PEP by 22% to an average profit share of £360,000. 

Mishcon's managing partner James Libson said: 'We are absolutely delighted with what we’ve achieved this year. Our performance exceeded our expectations - especially the speed and cultural cohesion of our merger with Taylor Vinters. We grew all of our core legal businesses at impressive rates as well as completing our merger and the acquisitions of Flex Legal and Somos.'

Stevens & Bolton said the results show its continued commitment to being a thriving independent law firm, delivering 'excellence beyond the City’. James Waddell, managing partner, commented: 'We see strength in our full-service legal offering, our national and international outlook and in our all-equity partnership model. I am confident that by always improving, evolving and challenging ourselves to do better, we will continue to attract and retain clients and talented people.'