The new business will offer clients private bank relationship management advice, consolidated asset reporting and tax and structuring advice, in addition to Mishcon’s full range of legal services. Concierge services will also form part of the proposition, building on a service the firm first put together with the luxury lifestyle firm Quintessentially in 2010.

The new venture will be piloted with an existing client later this year, the firm said.

Mishcon de Reya, which has made several innovative moves in recent times, also announced that it is in talks with a global brand and business consultancy with regards a possible joint venture to offer legal advice to the consultancy’s largely Asian-based clients looking to bring capital and business into the UK.

In the summer of last year the firm partnered with the legal expenses insurer ARAG and Lansdown Insurance Brokers of Cheltenham to launch a new insurance product, Protect Pre-Nup, which offers financial cover for legal costs if a pre-nuptial agreement is contested by a spouse at a later date.