Mishcons sees 30% rise in turnover while BLP's jumps 20% as first wave of financial results revealed

Mishcon de Reya and Berwin Leighton Paisner (BLP) have announced soaring turnover and profits for the 2010-11 financial year, as the first wave of UK law firms to post their results continue to unveil strong growth.

Mishcons has seen turnover jump 30% to £61.5m, up from £47.5m in 2009-10, while profits per equity partner (PEP) also leapt by a similar percentage, growing from £450,000 to at least £575,000, with the final audited figure yet to be confirmed.

The results set Mishcons well on its way to achieving the firm's three-year target of £80m turnover and PEP of £750,000 by 2013. The turnover figure of £61.5m is set to place the firm on the fringes of the UK top 50 rankings for 2010-11.

Mishcons managing partner Kevin Gold (pictured) said: "This year, at the end of year one of our three-year strategy, we have exceeded our budget by around £4m.

"We have experienced growth across all areas of the firm – our contentious practice, particularly in the areas of intellectual property and private client (Mishcon Private), has seen exceptional increases in turnover. We will continue to invest in people, knowledge, technology and our brand as we have been over the last year and are confident that we will meet our 2011-12 budget."

The firm is aiming to hit revenues of £71.5m for 2011-12. This year's turnover does not include Mishcons' New York office, which took in around $7m (£4.3m) in fee income during the 2010 calendar year.

Meanwhile, BLP has seen PEP shoot up 56% this year to £712,000 against a 20% rise in turnover to £229m, while net profit increased 38% to £90.8m.

BLP managing partner Neville Eisenberg commented: "Our increase in turnover has been contributed to from across the board. All of our practice areas in London have grown in revenue, as well as our Moscow, Abu Dhabi and Singapore offices. It has been great to see both corporate and real estate picking up strongly during a difficult market.

"Our profit increase has simply been a product of our hike in turnover – we have not cut back on promotions or carried out any dramatic restructurings, instead choosing to invest during the downturn, which we are now seeing a return from."

The announcements follow news of financial results from a number of firms across the UK top 50 including Stephenson Harwood, Wragge & Co and Barlow Lyde & Gilbert, all of which posted turnover increases of at least 15%.

Clyde & Co and Taylor Wessing posted 10% and 9% rises in turnover respectively, while Addleshaw Goddard is the only firm to have announced a dip in turnover so far this year, with revenue falling 3%. The firm also announced that it is set to make up to 40 job cuts in business services.