As I have blogged before about Mischon de Reya, (most recently http://kimtasso.com/collaborative-marketing-of-family-law-services-debretts-and-mishcon-de-reya and http://kimtasso.com/legal-marketing-case-study-mishcon-de-reya) it was interesting to read the article about the firm in a recent edition of The Lawyer http://www.thelawyer.com/reya-light/1013344.article
Some of the key themes that emerge as to the key to its success include:
- A strong managing partner – Kevin Gold – in role for 14 years
- “One of the best brands in the UK legal market”
- “An enhanced understanding of the law as a product”
- A three year plan – and a new one being produced
- 20% revenue growth and smashing its three year budget target of £80m
- 20% increase in PEP to £700,000
- Opening of a bespoke litigation practice in New York and the appointment of a director of International
- Planned conversion to ABS
- 70 corporate deals worth in excess of £2.1 billion – 65% of which were international
- A strong dispute resolution practice – the top ten litigation instructions involved disputes with a combined value of £62.5 billion (litigation accounts for over 50% of the firm’s revenues)
- The creation of Mishcon Private – merging family (including Sovereign funds and family businesses) and private client practices
- Strong and clearly articulated core values guiding all behaviour – and a stewardship or trusteeship responsibility to invest profits back into the business
- The creation of a Legal Director role in 2008 to give some lawyers the same status as partners who don’t have the same pressure to generate business
