25 Jun 2018 | 12:30 am | 2 min. read
International law firm Pinsent Masons has today announced details of its unaudited financial results for FY17/18.
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 global turnover for the year stood at £449.8m, representing turnover growth of over 40% and profit growth of 60% over the past five years.
The results follow a period of sustained investment in the firm's platform and people. In the past year alone Pinsent Masons was named the top professional services firm for LGBT inclusivity by Stonewall and was one of the first law firms to be featured in the UK’s inaugural Social Mobility Index.
Over the same period the firm:
Around 90% of revenues are now generated from clients operating within the global sectors in which the firm specialises; Advanced Manufacturing & Technology, Financial Services, Infrastructure, Energy and Real Estate. Profit per equity partner increased by 4.4%.
Standout mandates throughout the year have included advising: Shell UK on its $3.8bn sale of North Sea assets to Chrysaor; Laing O'Rourke on AU$955m Sydney Metro Central Station; ING and Commonwealth Bank of Australia on a pilot AI program for MiFID II; and advising Redefine International PLC on the disposal of its German retail portfolio of 66 properties for EUR 205 million.
John Cleland, Managing Partner at Pinsent Masons, said:
"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."
The firm has also announced that Senior Partner Richard Foley has been elected for a second term after an uncontested election. Richard was originally elected to the post in 2014 and has overseen a period of rapid expansion during his first term, opening some seven international offices and investing in a series of ‘NewLaw’ businesses including diversity and inclusion consultancy Brook Graham and legal sourcing business Yuzu Law.
Foley has also championed, and invested significantly into, the firm's work and reputation for doing business responsibly. During his first term Pinsent Masons surpassed its target to achieve 25% female representation within its partnership, and has promoted a more open approach to Gender Pay Gap reporting by UK partnerships.
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