Kevin Gold

Mishcon de Reya and Gateley have become the latest UK law firms to post rising revenues on the back of a strong 12 months for many of the top 50.

Mishcon saw turnover rise 8% to reach a new record high of £161.3m, up from £149.4m in 2016-17, with managing partner Kevin Gold describing the growth as "very heartening" despite "such challenging and unpredictable market conditions".

Profit per equity partner (PEP) dropped 9%, falling from £1.1m to £1m after the firm increased its senior equity partnership ranks during the year.

Lateral hires during 2017-18 included Ashurst disputes partner Ben Giaretta, Mayer Brown contentious regulatory partner Guy Wilkes, Addleshaw Goddard equity capital markets partner Tim Field, and disputes partner Mark Davis, the founder of litigation boutique Davis & Co.

Managing partner Gold (pictured), who has has been at the helm of Mishcon since 1997 said: "I am proud that in the past year we have not only welcomed many new and talented people into the firm but that our senior equity partnership has also grown.

"We have made great strides in delivering against our '10-Year Vision', working alongside data experts and legal engineers to further our technological transformation and developing our non-legal offerings."

Key mandates for Mishcon during the year included advising Matchroom Boxing on a broadcasting deal branded the largest in boxing's history, as well as advising alongside Freshfields Bruckhaus Deringer on Japanese insurer Sompo Holdings' sale of its British unit Sompo Canopius for $952m. The firm is also acting for Leave.EU on its appeal against the Electoral Commission's £70,000 fine for offences relating to campaign funding and spending during the referendum campaign.

Meanwhile, fellow UK top 50 firm Gateley has announced double-digit increases in revenue and profit to the London Stock Exchange, in the firm's third set of results since its landmark 2015 initial public offering (IPO).

The Birmingham-headquartered firm's revenue has jumped 11% to £86.1m, up from £77.6m last year, while profit before tax increased 11.7% to £14.6m, up from £13.1m in 2017.

The revenue figure is up on the unaudited amount posted by the firm earlier this year of £84m.

CEO Michael Ward said: "Our entire team have worked tirelessly this year in delivering another set of financial results in line with our original IPO strategy and current market expectations. It has been a very busy year, with numerous opportunities opening up for us as a result of our different service offerings."

Ward added that the firm's banking, corporate recovery and residential development practices had enjoyed standout years, with the corporate group seeing revenue growth of 14% and property group revenues up 18%.

The firm slashed its net debt position from £4.9m to £700,000 as a result of strong cash generation during the year, according to finance director Neil Smith.

Gateley has acquired two businesses this year, including the May takeover of specialist housebuilding firm GCL Solicitors, a deal that handed the firm 80 new staff, while earlier this month it took over human capital consultancy Kiddy & Partners. And the firm remains in acquisition mode, with "a number of opportunities" currently under consideration, according to Ward.

The firm's average fee-earning staff numbers grew from 457 to 509 during the year, while its total staff headcount also increased from 696.

Operating expenses rose alongside headcount expansion by 10.7% to £71.6m, up from £64.7m last year.

The firm has three employee share schemes: a stock appreciation rights scheme  for partners; the Gateley sharesave scheme, a 'save as you earn' (SAYE) scheme open to all employees; and a company share option plan, which is targeted at associates and senior support services staff.

Ward said that 55% of all staff below partner level have participated in the firm's SAYE schemes, saying: "Being able to offer something different as an employer has helped us not only retain staff since the IPO but also attract a wide pool of new talent."

Since Gateley became the first UK law firm to list in 2015, a number of others have followed suit, with several making the move in recent months. DWF is currently considering a float, while Keystone Law, Rosenblatt and Knights have all listed in the past 12 months.