Law firm reports growth in year of ‘unprecedented change and complexity’ for clients

Jacqui Timmins

Law firm Pinsent Masons has recorded a 7% growth in its global turnover, which now stands at £482m.

It said that its gross profit during FY18/19 increased by 2.5%. It added: “However, in light of the forgoing and having ring-fenced significant funds for further investment in areas including IT and cybersecurity, profit released to equity partner has reduced slightly, following five consecutive years of growth.”

This year’s PEP stands at £620,000.

During the year, its Yorkshire teams advised on deals including; Marshall plc on their multi-million pound takeover of Edenhall Holdings Limited; Advising Leeds City Council on their largest highway scheme for 50 years, the East Leeds Orbital Road, which will open up land for 5,000 new homes on the east side of the city; Advising Mid-market private equity firm Equistone Partners Europe on the sale of managed print services provider Apogee to HP, in a deal that values the company at £380m.

Jacqui Timmins, head of the firm’s Leeds office, said: “It’s been a busy year for the Leeds office over the last 12 months. In addition to advising on some of the most high profile city mandates we have also shown our commitment to the region, using our agile approach to working to develop our ‘One Park Row’ community and further deepen the business relationships within our iconic Leeds office.”

This year, the Leeds office also welcomed new non-contentious Tax Partner, Peter Morley, from Squire Patton Boggs which saw the number of partners based in the Leeds office increase to 28.

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. 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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