Pinsent Masons has reported a 7.2% increase in turnover to almost £650m, marking another successful year of revenue growth for the international firm.
Revenue hit £649.6m, up from £605.9m last year, although growth was slower than last year, when the firm posted a 14% hike. Meanwhile, profit per equity partner (PEP) dipped very slightly to £793,000, down by less than 1% from £797,000.
Speaking with Legal Business about this year’s results, managing partner Laura Cameron (pictured) said: ‘Given the exceptional and record growth we achieved last year, maintaining a strong growth rate this year is a significant accomplishment, and we are very pleased with it.’
When asked about the decline in the rate of PEP and revenue growth, Cameron noted: ‘Considering the economic outlook in the jurisdictions where we operate, I’m satisfied with the results and can’t identify any factors that have hindered our growth rate.’
She continued: ‘This year, our major focus has been on investing in the business and advancing to the next stage of our development.’
In terms of the firm’s highest-performing practice areas, Cameron said that the contentious side of the business had had a particularly strong year. The firm’s global sector groups accounted for approximately 85% of overall revenue, with the breakdown as follows: global financial services (22%), infrastructure (14%), real estate (10%), technology, science and industry (21%), and energy (18%).
Cameron highlighted Australia and Johannesburg as key growth areas. ‘Australia has seen significant growth, particularly in energy and infrastructure, while our Johannesburg expansion has bolstered our employment, litigation and overall corporate capabilities,’ she said.
On the firm’s February Abu Dhabi office opening and its enhanced focus on the Middle East, Cameron remarked: ‘Our clients are enthusiastic about our new Abu Dhabi office. We are committed to exploring additional opportunities in the region, driven by client demand.’
Regarding the firm’s UK operations, she added: ‘The UK has shown exceptional performance, with strong collaboration between our London and regional offices. We’re very pleased with the results.’
The firm increased overall headcount by 7% during the year, with a record 41 lateral hires – 17 in EMEA, 15 in the UK, and nine in APAC – as well as 22 partner promotions. Other notable hires included chief technology officer Tracy McDermott, who joined in January from retirement property development business McCarthy Stone, and chief people officer Hannah Kozlova Lindsay, who was hired in April from Bryan Cave Leighton Paisner.
Cameron noted: ‘It’s crucial for us to take a more strategic approach to our employees’ working lives. With evolving work preferences and the need for innovation, recruiting Hannah was a top priority to advance our people strategy.’
She added: ‘AI and technology will be major drivers this year. We’ve established an AI steering committee and invested heavily in this area. I’m excited to see these developments unfold.’
As Cameron wraps up her first full financial year as managing partner, she outlined her ambitions and strategy: ‘Our sector-led approach, which has been successful for several years, will continue to be a key focus. We are committed to reinforcing and advancing this strategy. Integrating sectors, skillsets, and geographies is vital for effective collaboration in our clients’ best interests. The increase in cross-border mandates over the past 12 months is exactly what we aim to achieve, and I’m delighted with this progress.’
Elsewhere, Legal Business Awards Law Firm of the Year TLT has posted annualised results showing revenue up 12% to £174m and PEP up nearly 9% to £655,000, with profit up by over 11% to £28m. The performance marks a notable improvement on last year, when profit increased 9% but PEP plummeted 27% from £826,000 to £600,000.
‘We have reported another year of record revenue’, said managing partner John Wood in a statement. ‘These outstanding results can be attributed, in no small part, to our dedication to upholding a positive culture where our people feel valued, recognised and rewarded, combined with a focus on providing exceptional legal services to our clients.’
The firm made 13 lateral hires over the last year and opened in Birmingham, bringing its total number of offices to seven.
TLT reported annualized results for the 11-month period to 31 March 2024 due to the HMRC basis period reforms that also affected firms including Macfarlanes, Stevens & Bolton, and Fieldfisher.
