Mishcon de Reya

Generally though, senior members of the firm are very approachable and embrace a non-hierarchical atmosphere. “Partners have been very approachable, despite often being incredibly busy. At the lower end, it varies a lot more, but the friendly faces far outweigh the more reserved”, says one spy. Another adds that partner approachability is “mostly great, with the odd scarier partner. On the whole it’s an open door policy and partners are grateful when you approach them directly/ ask for their advice”. It also helps that trainees tend to look out for one another. “Fantastic group of trainees, strong level of collegiality, we all support each other and get on really well” gushes one.

Mishcon de Reya has long been mulling an IPO worth around £750 million that would have seen it become the largest listed law firm in the UK. However, due to market conditions, those plans have been put on hold for the “foreseeable future”. As part of the initial public offering, the firm had said every member of staff, including trainees and junior lawyers, would have become a shareholder in the newly listed business. Despite all this, the firm’s financial results have remained strong, with revenue up 22% to £230.7 million and profit per equity partner (PEP) rising 11% to £1.05 million.

And expect more high-profile cases to come Mishcon’s way. The firm recently launched a new £150 million litigation funding arm, ‘MDR Solutions’, through a tie-up with third-party funder Harbour. The move, the firm says, will fund a range of legal matters for its clients, including complex fraud matters, IP disputes and group litigation. Elsewhere, a tie-up with the Cambridge-based legal and consultancy practice Taylor Vinters that focuses on providing support to innovators and entrepreneurs bodes well for the future.

On the lawtech front, investment keeps flowing into boosting Mishcon’s capabilities, including its high-profile start-up incubator — branded ‘MDR LAB’ — where numerous up-and-coming lawtech start-ups are housed. The firm is, apparently, “always experimenting with new technology”, and one such initiative sees billable targets for some associates cut by 20% to encourage tech-minded lawyers to spend more time on tech and innovation projects. On the topic of billing, Mishcon has also introduced an automated time recording system — dubbed ‘Time by Ping’ — which rookies tell us automatically “captures everything we do” and has “completely revolutionised time recording”. The fancy-schmancy stuff aside, there are grumbles over some of the basics, including the “slow document management system” and “outdated” software. Mishcon’s current tech status is well summarised by this insider: “Lots of new and exciting things being rolled out, but as always, the basic tech is still a frustration.”

Mischon’s newly qualified solicitors earn a very respectable income: £90,000. This is especially true given the decent work/life balance. Newbies claim there’s a “hard-working culture, but a clear expectation that it is ok to have a life out of work. This is evidenced from trainees to partners. I love my work-life balance and feel very fortunate compared to some of my peers,” and “can’t complain for the career I’ve chosen”. Then again this depends on your team. One spy confesses, “I’ve been lucky and can get out for dinner most evenings. Others have not been so lucky…”.

Plus the perks are pretty good. They include a subsidised bike purchase scheme, a season ticket loan for the Tube, an in-house doctor, free private health care, a decent gym allowance, free yoga classes, “really good summer and Christmas parties” and regular talks from “respected and interesting speakers from inside and outside the law world”, although “free breakfast/ lunch would be appreciated”!