Law firm’s turnover almost reaches £450m after strong year
Law firm Pinsent Masons has reported turnover of £449.8m for 2017/18, with the Leeds office contributing to the growth with its teams advising on some of the biggest deals in the region.
The firm achieved a 10% increase in fees billed, equating to a 6% increase in total turnover allowing for the impact of currency exchange movement.
The firm’s total turnover for the year represented growth of over 40% and profit growth of 60% over the past five years.
Around 90% of revenues are now generated from clients operating within the firm’s core global sectors; Advanced Manufacturing & Technology, Financial Services, Infrastructure, Energy and Real Estate.
Profit per equity partner increased by 4.4%.
Jacqui Timmins, head of the firm’s Leeds office, said: “The global success of the firm is strongly reflected in Yorkshire with our teams advising on some of the biggest deals in the region. These include:
· Advising on four public takeovers in the last six months culminating in advising Fenner on its £1.2 billion recommended takeover by French group Michelin
· 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 on the delivery of the 150 ha International Advanced Manufacturing Park next to Nissan’s Sunderland car plant. The first phase now has planning permission and is on site, creating a home for Nissan suppliers from the UK and abroad
“We also continue to invest in our people. Of the 23 partner promotions globally this year, three are in Leeds – Matthew Clayton-Stead (banking & restructuring), Stephen Glass and Natalie Harris (both property development & investment).”
John Cleland, managing partner at Pinsent Masons, added: “Our vision is to be recognised as an international market leader in the global sectors in which we specialise. What we are seeing in our financial results, year-after-year, is the benefit of investing in being an organisation that clients enjoy working with. Yes, that means building out our platform, investing in new propositions and delivering on the promise of technology-enabled legal services – but it’s also about being an organisation where our values are imperatives. We were pleased to be named the UK’s leading legal brand this year because the research reflects the feedback we get from our clients, which is that our people are consistently living up to the promises we make to the market. We see the firm’s sustained financial success over a number of years as a consequence of that commitment.”