Pinsent Masons saw its turnover increase by 4 per cent on a like-for-like basis in the 2011-12 financial year with that figure jumping to almost 39 per cent when turnover from merger partner McGrigors is added in.
Turnover for Pinsents alone was £221m, according to unaudited results, up from £212.7 in 2010-11. McGrigors, which operated a September year-end before the merger, pulled in around £74m in fee income in the full year to September 2011, making combined revenue £295m.
According to managing partner David Ryan, Asia was the firm’s best performing region, posting a revenue increase of 30 per cent on last year, while the Gulf office increased revenue by 15 per cent. The UK also grew, but only by 2 or 3 per cent.
The firm has not yet released profit or average profit per equity partner figures (PEP). In 2010-11 average PEP at the firm was £400,000.
In a statement, Ryan, said: “Our results show that we’re continuing to perform strongly in a difficult market. The continued investment in our staff and infrastructure has increased our ability to respond to changing client demand. The merger with McGrigors built on this, and as a combined firm we’re in a strong position for growth in the coming years.”
Pinsents merged with Scottish firm McGrigors on 1 May, creating a firm with more than 1,500 lawyers (6 February 2012).