Mishcon de Reya is aiming to boost turnover by almost 70% and raise profits to £750,000 by 2013 as part of its latest strategic plan.

The firm's three-year strategy sees it attempting to push turnover up to £80m by 2013 – growth that could propel it into the UK top 50.

Mishcons, which has an interim target to hike turnover to £60m in 2010-11, posted turnover of £47.5m during the 2009-10 financial year against profits per equity partner (PEP) of £450,000. The PEP figure marked a 22% drop on 2008-09, when average profits stood at £575,000.

News of the financial targets comes after the firm restructured its practice groups in April this year. It now has six groups rather than four, spinning out a separate employment group and a private client practice called Mishcon Private.

Employment, which is headed by partner Joanna Blackburn, and private, headed by former corporate head James Libson, sit alongside the existing real estate, litigation, family and corporate departments. Partner Nick Davis now leads the corporate team.

Mishcons managing partner Kevin Gold said: "Focus on our core strengths has meant we were able to weather the last two years well and continue to invest. That investment, particularly in people and business development, has allowed us to set ourselves ambitious but sustainable growth targets."

The private group acts for individuals and companies in areas such as reputation management, private trust and family disputes, trust and probate, immigration, residential property, sport and wealth management.