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Pinsents bounces back from Covid with healthy turnover uptick and soaring PEP

Pinsent Masons unveiled an upbeat set of financial results today (6 July), with revenue climbing 6% from £503.3m to £531.1m and profit per equity partner (PEP) jumping 16% from £636,000 to £739,000.

The results represent a rebound after a couple of muted years: in 2020, the firm saw PEP slide 12% amid sustained internal investment. An increased number of partners were minted that year and the firm also splashed out on legal services businesses Xenia and Xenion to strengthen its New Law credentials.

Last year also saw a pacey 16% increase in PEP, but revenues inched upwards by only 2% in results clouded by the pandemic.

Pinsents managing partner John Cleland told Legal Business: ‘We’re satisfied with the results. They indicate a general growth and a validation of our strategy. We are a process-driven business, and we tried hard to advance our professional services capabilities in the last couple of years. We continue to recover from the pandemic despite its various challenges.’

The investment in professional services appears to have paid off, as revenue generated by Pinsent Masons Vario (the firm’s New Law offering) grew by a substantial 41% in the last year.

And PEP was again the biggest cause for cheer. The firm’s partnership numbers swelled from 459 to 478 throughout the year, painting the 16% uptick in an even more positive light. Cleland remarked: ‘We have invested heavily and see the benefit of that coming through. If you get the big things right the numbers will take care of themselves.’

On the investment front, this week the firm launched a 23-lawyer hub in Luxembourg, having secured several partners and their teams from local firm Wildgen. With a focus on the financial services sector, it represents the firm’s seventh office in Europe. Just last year, Pinsents opened a tech and IP-focused Amsterdam office.

Looking ahead, Cleland is optimistic despite global uncertainty: ‘Every year has its own geopolitical challenges. For years people asked me about Brexit and “more for less”. Certainly, we have an inflation problem in the UK, but we have a multinational platform which allows us to soften economic impacts.’