Mishcon de Reya recorded a 22% increase in revenue last year, which saw profit per equity partner (PEP) at the London firm jump by 11% to just over £1m.
The firm posted revenue of £230.7m in the year to 9 April 2022, with PEP returning to ‘pre-Covid levels’ at £1.05m. Mishcon did not provide profit figures, though profit before members’ remuneration in the previous financial year was £75.7m off the back of £188.9m revenue, according to audited accounts published in January.
The firm hailed its ‘strategic combination’ with global legal and advisory business Taylor Vinters to create MDR Taylor Vinters, targeting innovators and entrepreneurs, and the launch of its £150m litigation funding arm MDR Solutions I in partnership with third-party funder Harbour, both announced last September.
However, Mishcon’s long-trailed plans to float on the stock exchange were shelved in June ‘for the foreseeable future due to market conditions’. The firm was also fined £232,500 – one of the biggest fines ever imposed by the Solicitors Regulation Authority – over several breaches relating to money laundering rules in January, following a £25,000 fine from the Solicitors Disciplinary Tribunal imposed last October over football transfer payments.
Managing partner James Libson said: ‘This result reflects a clear trajectory of growth in line with our 10-year vision. It speaks to the commitment and dedication of our people, as well as our resilience through Covid.’
International firm RPC also recorded a double-digit increase in revenue last year, up by 10% to £149.4m across its offices worldwide. Net profit and PEP were down, however, by 9% to £43.3m and 11% to £571,000 respectively.
The firm said that the fall in PEP – which increased by 50% in last year’s results – was due to ‘a drive towards investment in people, IT and infrastructure’, including at RPC’s new office in Bristol.
RPC’s managing partner James Miller said the firm’s ‘strong revenue growth … has come from investing in our people and investing in our infrastructure to better support our clients’. He added: ‘We will continue to develop and invest in good people … with more growth and investment announcements to come shortly.’
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