Pinsent Masons‘ LLPs have revealed that the firm’s highest paid member took home £810,490, down 5% on last year’s figure of £856,293 while key management compensation was up about 2% from £5m to £5.1m.The highest paid figure in LLP accounts does not necessarily equate to the highest paid equity partner and can relate to ‘golden handshakes’ to retiring members.
Turnover at the firm was up 5% from £363.6m to £382.8m while profit available for discretionary division among members was also up 5% from £111.5m to £117.5m.
Meanwhile operating costs at the firm, which in the last year acquired a majority stake in tech compliance business Cerico, as well as expanding in Europe and launching in Australia, increased 7% from £155.5m to £166.9m. Cash and cash equivalents more than doubled, from £20m to £45.7m.
Additionally the number of fee earners at the firm increased slightly, from 1,310 to 1,357 and the total number of members which includes both equity and non-equity increased from 331 to 349. Staff costs were up to £166.9m from £155.5m
The LLPs also state that the board ‘is reviewing further opportunities for international expansion.’
Legal Business first revealed last August that Pinsent Masons was eyeing up a Dublin base, to complement its existing office in Belfast and provide a full UK and Ireland presence for the firm.
Since the firm’s merger with McGrigors in 2012, Pinsents’ international strategy has largely revolved around launching sector-focused greenfield sites, with partners from local firms.
In March 2015 the firm launched in Australia with infrastructure sector-focused practices in Melbourne and Sydney headed up by David Rennick, previously chief executive of Australian law firm Maddocks as well as another infrastructure-focused practice in Johannesburg, with two partners from local firm Bowman Gilfillan last year.
In January 2016 the firm launched a second German base in Düsseldorf with a trio of partners from KPMG’s German legal arm.