International law firm Pinsent Masons has announced details of its unaudited financial results for FY18/19.
The firm achieved global turnover of £482m, a 7% increase on the prior year.
The results follow a year in which the firm undertook a number of initiatives that reinforced its commitment to conducting business in the right way, and for the right reasons. Over the last 12 months Pinsent Masons:
- became the first-ever law firm to be recognised as the most LGBT+ inclusive employer in the UK by the charity Stonewall
- was named as one of the UK’s top 50 employers for women by The Times
- launched the Mindful Business Charter, in collaboration with Barclays and Addleshaw Goddard. The Charter aims to change working practices that can cause unnecessary stress and pressure which, in turn, can lead to mental health and wellbeing issues.
The firm also continued to pursue a sustained programme of transformation, opening its eighth international office in four years, expanding its business in areas complementary to legal services and investing in alternative forms of service delivery.
In January the firm announced the plans to open its third German office in Frankfurt, while in March the firm appointed Kirsty Dougan to further-develop the firm’s Vario business in Asia Pacific. Over the course of the year the firm has continued to convert its office space to facilitate agile working with over 50% of its global footprint now fully agile and invested in developing an R&D function comprising almost 50 legal technologists, analysts and engineers.
Gross profit during FY18/19 increased by 2.5%. However, in light of the forgoing and having ring-fenced significant funds for further investment in areas including IT and cybersecurity profit released to equity partner has reduced slightly, following five consecutive years of growth. This year’s PEP stands at £620,000.
Partner and Head of Pinsent Masons Belfast Office Andrea McIlroy-Rose said, “We are very encouraged by these results and the growth they represent for the firm. In Belfast we are proud to have played a part in that effort with our work during FY18/19 marked by some stand-out quality mandates including EPH’s acquisition of Kilroot and Ballylumford Power Stations, Texthelp in bringing on board private equity funding from LDC, and Somague’s construction of Ulster University’s Belfast Campus. Pinsent Masons financial performance underpins our strength in depth and allows continuous investment into our innovative technology platforms that are driving change in the legal market whilst at the same time strengthening firm culture and growing our global footprint.”
John Cleland, Managing Partner at Pinsent Masons, said: “The past year has been one of unprecedented change and complexity for our clients. Our partnership is continuing to focus on making the investments that enable us to help clients respond to that trend. We’re continuing the transformation of our business from an expertise-based law firm into a modern, international professional services business with law at its core. At the same time, we’re concentrating not just on what we do, but how we do it. Our philosophy is that if we continue to do business in the right way and for the right reasons, financial performance is just one element of success that will flow from that. We want to grow and be successful, but do so in a way that makes a positive impact on our clients, our people and the communities in which we operate.”