London firm Mishcon de Reya has agreed a £75m revolving credit facility with three banks, newly published accounts show. The credit line, secured in September, ‘will allow the firm to respond to changing market conditions, cyclical cash requirements led from its members’ tax liabilities, and investment opportunities without the need for additional discrete financing,’ the firm said.
Back in August Mishcon announced a 22% rise in overall profit before members’ remuneration to £93m, on turnover up 10% to £256m. The figures were affected by both the costs of a stock exchange flotation which was abandoned ‘for the foreseeable future’ in June last year; and the acquisition of City firm Taylor Vinters, which the accounts disclose did not involve any cash payment.
Mishcon no longer discloses profit per equity partner.
In the year to 9 April 2023, Mishcon’s top earner received £2,360,000, the accounts show, a £235,000 rise on the previous 12 months. ‘Key management personnel’ at the international firm shared £17,088,000 for the period, a 16% rise on £14,673,000 in 2021-22.
The recipients of these sums are not individually identified.
A revenue breakdown reveals that UK income climbed almost £20m in 2022-23 to £238m, while income from the rest of the world increased from £12.5m to £17.8m. By business segment, income from consultancy services relating to brand management and family advisory more than tripled, to £13.6m. Income from legal services rose to £242m from £227m.
Mishcon has over 200 partners and more than 100 staff in total across offices in London, Oxford, Cambridge and Singapore, and through its association with Karas So LLP in Hong Kong.
The firm owns a number of stakes in tech start-ups which appear to be bearing fruit. The fair value of these investments stood at £7.5m in 2023, compared with a historic cost of £1.9m. Mishcon’s holdings include 4% and 17% respectively of proptech companies Thirdfort and Least.
