Profit per equity partner (PEP) endured a 12% drop at Pinsent Masons over the last financial year as the firm continues to hold back funds from partner profits to prioritise internal investment.
PEP now stands at £546,000 at the firm compared to £620,000 last year, when PEP was clipped by 5% as Pinsents held back funds in the region of £6m for the purpose of investment in the business.
Revenues, however, managed to grow a steady 4% to £495.9m, compared to a 7% uptick last year; over five years the firm has grown turnover an impressive 37%.
‘From a financial perspective, I would characterise FY20 as satisfactory given the disruption in a number of our markets,’ commented managing partner John Cleland (pictured). ‘Whether that be Brexit and political turmoil in the UK, protests in Hong Kong, US/China trade wars, US/Iran tensions impacting the Middle East or bushfires in Australia.’
Cleland continued: ‘However, this is already ancient history. The year ahead will present challenges the like of which we have not seen before. Despite obvious headwinds brought about by Covid-19, we’re encouraged by the momentum we’ve found going into the new financial year.’
Earlier this year, the firm promoted staff outside of traditional legal services to partner for the first time in an increased promotions round. Hayley Boxall from Pinsents’ forensic accounting services team and director of client solutions David Halliwell were those occupying non-traditional roles to be given the nod.
Elsewhere, the firm strengthened its New Law credentials in 2019 with a series of moves, including the acquisition of legal services businesses Xenia and Xenion in December. Pinsents also launched its diversity and inclusion consultancy Brook Graham in the Asia-Pacific for the first time.
‘We firmly believe that if we continue to do business in the right way and for the right reasons, our business will come through this year strong, united and better than before,’ Cleland concluded.
