Mishcon de Reya has announced revenues of £300 million for the last financial year – an increase of 17% from the previous financial year, representing a doubling of revenues since 2017 and capping a decade of year-on-year double-digit growth on average for the firm. While integrating the Taylor Vinters practice and partners, the firm has also delivered profits of £90 million in the financial year 2023/24 (2022/23: £93 million). The firm is continuing to report overall profit as a key metric in place of Profits per Equity Partner (PEP) which it believes is a better measure of the performance of the firm.
During the year, the firm continued to be involved in some of the most high profile and complex litigation in the UK, being instructed in no fewer than three of the Lawyer’s Top 20 Cases of 2024 and winning both the Litigation Team of the Year and Competition & Regulatory Team of the Year awards at The Lawyer Awards 2024.
The Employment, Dispute Resolution and Private practices had especially strong performance for both revenue growth and profitability. Our Innovation practice was boosted by a full year's contribution from the merger with Taylor Vinters in January 2023 and the transactional teams in Corporate and Real Estate continued to perform strongly despite the economic slowdown in the UK and wider economy.
The firm also announced that it has promoted 15 people to junior partner or equity partner in the latest round of fee earner promotions at the firm. A further 11 people were promoted to Of Counsel while 35 people were promoted to Managing Associate.
Group Chief Financial Officer Matthew Tilley said:
"We are very pleased with the performance of the business. The firm is well placed to continue its impressive track record of growth and continues to attract both clients and lawyers who want to benefit from Mishcon's unique combination of capabilities and culture.”
Managing Partner James Libson added:
"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.
“Business as usual and bold growth required a remarkable contribution from our people for which I would like to say thank you. We are lucky to have such a breadth and depth of talent in the firm, which is demonstrated by well-deserved promotions. These exceptionally talented people bring fresh perspectives and new skills to their respective areas of our firm and my warm congratulations go to all those who have achieved promotion this year. We can look back at the execution of our 10 Year Vision with much pride as we begin to think about the next phase of our strategic journey."
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