Mishcon de Reya halves New York partnership after business review

Wall Street Mishcon de Reya’s New York partnership has halved, following a review of its business.

The number of partners in the firm’s New York office has dropped from six to three and lawyer headcount has fallen by three to 12.

New York head of litigation Joshua Sohn, New York family law head Michael Stutman and family partner Valerie Tocci have all left the firm.

None of the lawyers, including the three partners, will be replaced.

Sohn joined Watson Farley & Williams with a team of three associates in June. A litigator with more than 20 years’ experience, Sohn joined Mishcon from DLA Piper in 2014. He made partner at DLA in 2006 and was national co-chair of the firm’s real estate litigation group.

Stutman has launched a firm named Stutman Advocate Stutman & Lichtenstein (SASL Law), which Tocci has joined.

Mishcon’s review of its New York office was part of a firm-wide business consultation, designed to look at its long-term goals.

In a statement, the firm said: “As part of an ongoing review of how we meet our clients’ needs internationally, we now believe that in some practice areas it is more effective for us to offer clients services via these relationships. This fits with our broader international strategy – working with best-in-breed firms in key jurisdictions. The New York office will primarily offer patent litigation, soft IP and international arbitration services.”

The firm’s London office posted strong financial results this summer, as profit per equity partner hit £1m for the first time.

The jump came as net profit at the firm also grew to £35m and the firm’s London revenue increased to £128m, up 16% on last year’s turnover of £110m.

In 2014-15, the firm hit its £100m turnover target a year early.

Its City arm brought in £110m, smashing its aim of boosting revenue to at least £100m by 2016, which it laid out in its three-year business plan in 2012.