Revenue grows at law firm Pinsent Masons

Chris Booth: Head of Pinsent Masons Leeds office said it had been a positive year for the firm.
Chris Booth: Head of Pinsent Masons Leeds office said it had been a positive year for the firm.
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International law firm Pinsent Masons has seen global turnover hit £382.3m and increased profit per equity partner to £550,000.

The firm said revenue was up 5.5 per cent on the previous year in its unaudited financial results for 2015/16.

It represented cumulative revenue growth of almost a fifth over the past three years, Pinsent Masons added.

The advanced manufacturing and technology, financial services and infrastructure sectors all contributed around 20 per cent to global turnover, while the energy and real estate sectors contributed around 12 per cent each.

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 operate, and this latest set of results demonstrates further progress.

“It is particularly pleasing that we have managed to sustain growth and profitability while making unprecedented levels of investment into our business.

“Our partners recognise that if we are serious about becoming international market leaders we cannot stop investing.”

Standout mandates for the firm in the region over the year included advising Leeds City Council on the first planning application within the East Leeds Extension and advising LDC on the management buyout of Seabrook Crisps.

Chris Booth, head of the firm’s Leeds office, said: “It has been a positive year in which we have reaped the rewards of a strong performance internationally, helping many of our clients in the region to achieve their commercial objectives at home and abroad.”

Pinsent Masons says it will now look to the opportunities offered as a result of Britain leaving the EU with many businesses uncertain as to where a Brexit leaves them.

The firm recently launched a Brexit advisory team to help clients navigate the challenges and exploit the opportunities offered by Britain leaving the EU.

Mr Cleland said: “We have a good deal of momentum in the business and our focus now is on supporting clients based in the UK and elsewhere through what is likely to be a volatile and unpredictable trading period.

“Some time ago we assembled a multidisciplinary Brexit advisory team which is already engaged with clients globally to address the challenges and opportunities linked to Brexit.

“The year ahead is hard to predict, however our strategic focus on industry sectors, international platform and broad practice mix means our business is exceptionally well-placed to help clients respond to what lies ahead.”

Mr Booth added: “We are well positioned to support our clients during the uncertain period ahead – the firm’s vision to become an international market leader in key global sectors will continue to benefit our local client base.”

Over the past 12 months the firm also made 18 partner promotions.

Pinsent Masons also appointed its inaugural external board member Pauline Egan and first chief operating officer Alastair Mitchell. Ms Egan is a successful banker while Mr Mitchell is a chartered accountant who has a 30-year career behind him.

In addition the firm brought in former Secretary of State Douglas Alexander as a strategic adviser in connection with Pinsent Masons’ responsible business agenda.

Pinsent Masons also launched new offices in Sydney and Melbourne focused on the global infrastructure sector in 2015/16.

A new energy-focused office in Dusseldorf has also been opened by the law firm as well as an oil and gas practice in Singapore.

It also acquired a majority stake in Cerico, a cloud-based regulatory compliance solutions business, and rolled out proprietary artificial intelligence software in diligence and matter management.