Mishcon de Reya’s average profit per equity partner (PEP) has hit £1m for the first time.
The firm has 90 partners, 35 of which are full equity.
The jump in PEP from £975,000 the last two financial years follows a growth in net profit of around 8 per cent to £35m.
London total revenue is also up to £127.9m, an increase of 16 per cent on the previous year when the firm turned over £110m.
The figures continue a run of strong growth at Mishcon. Revenue increased 12.5 per cent in 2014/15 to break the £100m mark for the first time. The results also mean Mishcon has increased turnover by more than 170 per cent since 2009, when revenue stood at £47.3m.
In London the core litigation team continued to be Mishcon’s most substantial practice, bringing in £43.5m last year, or 34 per cent of revenue, although disputes also underpins all of Mishcon’s other groups. The firm’s private client practice generated £18.5m in fees, while real estate brought in £30.9m and corporate £19.5m.
Meanwhile, Mishcon’s New York office turned over £4.8m in 2015/16.
This year saw Mishcon complete a year-long “deep consultation” with all partners, lawyers and business services staff and launch a “10-year vision”.
As part of its new strategy Mishcon is in the process of reviewing its business model and has mooted moving to a John-Lewis style ownership model that would see all staff take a share of the equity.
The firm also hit headlines earlier this month for taking on the UK Government in a group claim over plans to trigger Article 50 and leave the EU without an Act of Parliament.
Last year the firm relocated its four City offices to the 120,000 sq ft Africa House premises on Kingsway. The new building is expected to cost around £3m per year more than its former offices.
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