Pinsent Masons, saying it is seeing increasing benefits from its 2012 McGrigors merger and its growing international offering, is the latest law firm to reveal a strong performance for the 2014/15 financial year with profits per equity partner (PEP) growing by a third and double digit revenue growth.
The firm improved its profitability with turnover up 12% from £323m to £362m but PEP soaring 33% from £403,000 to £538,000. Pinsents’ managing partner John Cleland (pictured), who took over the role on 1 May, told Legal Business the results were a return on the strategic investments the firm had made over the last few years, including its merger with Scottish law firm McGrigors.
He said: ‘There has been a movement up in terms of the UK economy but it’s the driving forward of our sector based strategy and the investments we have made that are paying off. You are starting to see the real benefit now coming through of the merger with McGrigors and Pinsents in 2012, you are also beginning to see contribution from non-UK offices, Paris and Munich and just generally investments we have made in terms of innovation.’
The first half of 2015 has already been a busy one for Pinsents which announced the launch of two infrastructure sector-focused practices in Melbourne and Sydney in April, with formal openings planned for next month while the firm also made a record 29 promotions to its partnership bringing the total number of partners to over 400.
Over the last year, the firm has also seen the first change in senior leadership in nearly a decade after financial institutions head Cleland was elected in December 2014 to succeed David Ryan as managing partner following a three-man contested election between himself, property head Adrian Barlow and client operations head Richard Masters. Cleland’s election followed that of Foley, who was elected senior partner in July 2014 following a contest with incumbent Chris Mullen, who had been senior partner at the firm since July 2005. Ryan, who had a 16-year tenure as managing partner, became London chief also at the start of May.
For more on Cleland’s plans for the firm see: Q&A: Pinsents new managing partner Cleland on priorities, understanding the numbers and what he will miss most