Law firm unveils 7% increase in global turnover

Helen Ridge

Law firm Pinsent Masons has seen turnover and gross profit increase, although profit per equity partner slipped after five consecutive years of growth.

Revealing unaudited figures for the financial year 2018/19, the firm said it had achieved a global turnover of £482m, a 7% increase on the prior year.

Gross profit during the year increased by 2.5% to £192.4m.

However, in light of ongoing international expansion and having ring-fenced significant funds for further investment in areas including IT and cybersecurity, profit released to equity partners has reduced 5% from £653,000, following five consecutive years of growth. This year’s profit per equity partner stands at £620,000.

The group operates nine UK offices, including a Manchester operation, as well as a base in the Falkland Isles.

It said the latest results follow a year in which the firm undertook a number of initiatives that reinforced its commitment to conducting business in the right way, and for the right reasons.

Over the past 12 months Pinsent Masons:

  • Became the first-ever law firm to be recognised as the most LGBT+ inclusive employer in the UK by the charity Stonewall;
  • Was named as one of the UK’s top 50 employers for women by The Times;
  • Launched the Mindful Business Charter, in collaboration with Barclays and Addleshaw Goddard. The Charter aims to change working practices that can cause unnecessary stress and pressure which, in turn, can lead to mental health and wellbeing issues

In the past year alone the firm promoted 15 lawyers to partner globally, two of them in its Manchester office, Sian Hughes and Robert Tellwright.

Sian joined as a trainee and qualified into the infrastructure team. She is currently advising employers, main contractors and sub-contractors in the infrastructure sector on the prevention and resolution of disputes.

Rob joined the pensions team in March 2014 and advises employers, trustees and insurers on a wide range of pensions issues. Rob specialises in pensions risk transfer and is well-known for advising on pension scheme buy-ins, buy-outs and longevity hedging deals of all shapes and sizes.

The Manchester office has had another very successful year with standout mandates including:

  • Advising AJ Bell on its IPO;
  • Acted for St Modwen on its £50m+ sale of a portfolio of more than 30 industrial estates;
  • Supporting English Institute of Sport in respect of high profile ET claim linked to allegations of over-training;
  • Advised Equistone-backed Travel Counsellors on its secondary buyout by Vitruvian Partners

AJ Bell and Travel Counsellors were awarded Private Equity Exit Deal of the Year (Travel Counsellors) and Public Markets Deal of the Year (AJ Bell) at the BusinessDesk.com North West Rainmakers Awards 2019 in Manchester’s Hilton Hotel last month.

Helen Ridge, head of the Manchester office, said: “We have had another year of growth in Manchester where we now have over 260 people.

“The recent promotions recognise the hard work and dedication that Sian and Rob have put in over a number of years.”

She added: “We have had an extremely busy start to the year and are looking forward to a strong year ahead.”

The firm also continued to pursue a sustained programme of transformation, opening its eighth international office in four years, expanding its business in areas complementary to legal services and investing in alternative forms of service delivery.

In January the firm announced plans to open its third German office in Frankfurt, while in March the firm appointed Kirsty Dougan to further-develop the firm’s Vario business in Asia Pacific.

Rainmaker Awards 2019

Over the course of the year the firm has continued to convert its office space to facilitate agile working with more than 50% of its global footprint now fully agile and invested in developing an R&D function comprising almost 50 legal technologists, analysts and engineers.

John Cleland, managing partner at Pinsent Masons, said: “The past year has been one of unprecedented change and complexity for our clients.

“Our partnership is continuing to focus on making the investments that enable us to help clients respond to that trend.

“We’re continuing the transformation of our business from an expertise-based law firm into a modern, international professional services business with law at its core.”

He added: “At the same time, we’re concentrating not just on what we do, but how we do it.

“Our philosophy is that if we continue to do business in the right way and for the right reasons, financial performance is just one element of success that will flow from that.

“We want to grow and be successful, but do so in a way that makes a positive impact on our clients, our people and the
communities in which we operate.”

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