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City firm financials: Mishcon de Reya, DAC Beachcroft and Gowling WLG release results

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Mixed fortunes for corporate trio

Mishcon de Reya, Gowling WLG and DAC Beachcroft have become the latest UK-headquartered law firms to reveal their 2018 financial results.

Mishcon confirmed its turnover had hit £161.3 million, up 8% on the previous 12 months (£149 million). Despite this uplift, the firm’s profit per equity partner (PEP) dropped by 9% — £1.1 million to £1 million.

Kevin Gold, Mishcon’s managing partner, said: “To see this level of growth across the firm in such challenging and unpredictable market conditions is very heartening and is testament to the hard work and commitment of everyone at the firm.”

Elsewhere, 18-office-outfit DAC Beachcroft revealed its pre-tax profit jumped by 21% to £47 million, while PEP rose by a healthy 23% to £530,000 — the first time it surpassed the £500,000 mark, according to the firm. Total turnover hit £230 million, an increase of £23 million or 11%.

The 2018 Firms Most List

Reflecting on this year’s set of financials, DAC Beachcroft’s managing partner David Pollitt said:

“The strong revenue growth in the year, the continuing trend of growth in profit and profit per member and the ongoing decline in net debt are the results of a commitment to outstanding client service, our investment in our colleagues and more efficient financial management.”

Finally, corporate player Gowling WLG. The firm, which is the product of the 2016 tie-up between UK firm Wragge Lawrence Graham & Co and Canadian giant Gowlings, saw revenue increase to £455.5 million, up £17% from £390.1 million. Gowling did not disclose its average PEP or overall profit figures.

A host of City firms have now confirmed their 2018 financial results including four magic circle players.

Clifford Chance saw PEP rise by 16% to £1.6 million, while revenue hit £1.62 billion. Meanwhile, PEP at A&O and Freshfields stood at £1.64 million and £1.73 million — up 4% and 12% respectively. The partner profit rises at the magic circle duo come on the back of overall revenue uplifts of 4% at A&O to £1.57 billion and 5% at Freshfields to £1.4 billion.

Bucking the trend, Linklaters was the only member of the elite group to report a drop in PEP, down 1.9% to £1.54 million. The Silk Street firm’s revenues stood at £1.52 billion, up 6% from £1.44 billion, while pre-tax profits from £664 million to £676 million, an uplift of 1.7%. The remaining magic circler, Slaughter and May, does not disclose its results, but it is understood to be the most profitable of the fivesome.

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33 Comments

Anonymous

DACB is a decent little firm.

(12)(0)

Krystal

What’s working at DAC Beechcroft like? Is it a good City firm? Would working at a top firm like DACB allow me to move over to Latham as an NQ? Banking law and leveraged finance has always fascinated me!

(3)(17)

Anonymous

No.

(2)(0)

Anonymous

If I qualify at Irwin Mitchell Middlesbrough will I be able to move to Dorsey & Whitney on NQ?

(8)(0)

Anonymous

Rumours have it Dorsey upped London NQ salaries to £140,000.

(1)(1)

Anonymous

What is Dorseys trainee and NQ rate?

(1)(0)

Anonymous

Fuck all.

(0)(2)

Anonymous

£40k as trainee, £70k as NQ. Pitiful for a US shop.

(5)(0)

Anonymous

Hmm yeah for usa quite low but still reasonably high for city I guess

(2)(0)

Anonymous

Who told you this?

(0)(0)

Anonymous

The Magic Dolphin did, before sodomizing me.

(0)(1)

Anonymous

This shtick has been done to death now. It’s not funny any more.

(7)(1)

Krystal

Bite me.

(1)(4)

Anonymous

Fuck off.

(3)(0)

Anonymous

Fuck you asshole.

(0)(0)

Deez Nutz

Eat my choad.

(1)(0)

Anonymous

Go fuck yourself

(0)(0)

Anonymous

A firm has increased their NQ rate to 140k dog biscuits per annum.

(3)(0)

Anonymous

To be fair, getting paid in £140k-worth of dog biscuits could allow you a pretty profitable side-hustle as an animal shelter.

Think about it.

(5)(1)

Anonymous

Shame it’s just 140,000 biscuits though.

(0)(0)

David Higgins

Hahahahahahahahahahahahahahahahahahahahahahahahahahaha*swigs bolly*hahahahahahahaha.

(5)(1)

Anonymous

Mishcon is not a City firm. It is a West End firm.

(9)(1)

Anonymous

Paying a lot more at NQ than many City firms though. Looking at you, DWF.

(2)(1)

Anonymous

DWF is a national firm, not a City firm. Irwin Mitchell, Mischon etc is more of a City/ mid-atlantic style of outfit but still has a regional presence even.

(4)(0)

Anonymous

What are you smoking?

(0)(1)

Anonymous

Mishcon is a West End firm. Irwin Mitchell and DWF are National firms.

(5)(0)

Helloooo

Someone actually placed Irwin Mitchell and Mischon de Reya in the same
Category!

Imagine if this were DWF, their PR would be ringing up Mischon to discuss a merger.

(2)(0)

Gordon Gekko

A public takeover, fantastic. Let me give my broker a call – time to go long on the target.

(2)(0)

Bud Fox

Piece of cake, Gordo.

(2)(0)

Anonymous

Lol @ Gowling

(3)(3)

Anonymous

Right? In Canada it’s only considered a major firm by lawyer headcount alone. It’s a collection of mediocre regional offices with some impressive boutique practices that span the nation. IP and nuclear are particularly noted. It’s a shame Wragge had to be devalued so much by legacy LG. Good Birmingham shop.

Still, 2/3 of Gowling WLG’s reported turnover still comes from Canada, so I guess an argument can be made for the McDonald’s approach to legal services.

(1)(1)

Anonymous

It’s like a shitstained version of Dentons or Baker McKenzie.

Avoid.

(1)(1)

Anonymous

But then one must ask, what about Dentons or Baker McKenzie?

Baker McKenzie gossip pops up from time to time on LC/RoF for both good and bad reasons.

Dentons is relatively silent in the gossip department: does anyone care about them or are they just the plain vanilla of the legal world?

(0)(0)

Comments are closed.

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