Leading UK law firm Mischon de Reya is closing its New York office, established since 2010, saying it was no longer consistent with the firm’s London business.
The tough New York market has more lawyers than any in the United States, but also has a highly lucrative legal industry worth an estimated $430bn in the US.
The firm had reduced its US partnership from six to three in 2016. The entire New York team has now been recruited by Hong Kong head-quartered King & Wood Mallesons.
Mishcon’s managing partner Kevin Gold said: ‘After much deliberation, we have agreed with the partners of Mishcon de Reya New York LLP to withdraw from that business. We thank them and the team for their hard work over the past decade and are very pleased that the team has successfully found a new home at King & Wood Mallesons.
‘Mishcon de Reya New York LLP was always a separate business to Mishcon de Reya LLP in London, with different partners and a different structure. Over the last number of years, the New York office had focused its practice on contingency patent cases. This type of practice was no longer consistent with our business in London.This will not affect the many relationships we have with other law firms based in the USA.’
While magic circle firms have bolstered their presence in the city in the past two decades, they remain smaller than US rivals such as Cravath, Swaine & Moore, Skadden and Davis Polk.
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