Revenue in London increased from £110m to £127.9m, meaning the firm has increased turnover by more than 170 per cent since 2009, when it stood at £47.3m. PEP for the 2015/16 financial year increased from £975,000 to £1m following a growth in UK net profit of around 8 per cent to £35m.
New York revenue drops
New York revenue came in at £4.8m – a significant drop considering the business generated upwards of £10m in recent years, though this is due to the firm's decision in recent months to downsize its Manhattan practice to provide solely IP advice.
The next decade
This year saw Mishcon complete a year-long ‘deep consultation’ with its partnership and external advisers and reveal a ‘ten-year vision’. As part of its new strategy, the firm aims to lift UK revenue by 40 per cent to £175m within the next three years and has mooted moving to a John-Lewis style ownership model that would see all staff take a share of the equity.