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Pinsent Masons has broken through the £300m barrier to post a five per cent increase in turnover from £295m to £309m, a year after its merger with McGrigors.
The firm acquired McGrigors on 1 May last year. In 2011/12 McGrigors revenues stood at £74m (5 July 2012) while Pinsents posted turnover of £221m, meaning that combined the firms produced revenues of £295m for 2011/12.
Pinsents is waiting to have the latest figures audited before releasing details of profit per equity partner or net profit for 2012/13.
Commenting on the results managing partner David Ryan said the firm continues to see strong demand in global sectors such as energy, infrastructure and advanced manufacturing and technology.
The firm has also seen strong growth in insurance and restructuring over the past year.
Ryan said: “Because our vision is to be a law firm of truly international reach we’re always looking at what we need to do internationally, we recently opened in Turkey which is an important hub for Europe and the Gulf regions, particularly in infrastructure and energy” (14 February 2013).
Pinsents began boosting its European presence shortly after the merger, opening offices in Paris (31 August 2012) and Munich (26 June 2012) which Ryan said have performed well.
Ryan said the firm’s Asia Pacific offices had performed well, posting 30 per cent growth in turnover the second consecutive year.
The firm has invested heavily in its international presence over the past year, boosting it’s Shanghai office with 13 lawyers and 12 support staff from the Salans (11 September 2012), having hired Salans’ Shanghai managing partner Bernd-Uwe Stucken and fellow Shanghai corporate partner Wei Liu earlier that year (18 June 2012).
The firm has also invested heavily in laterals hires in the UK. In February it bolstered the life sciences practice with the addition of a four partner team from Fasken Martineau, including hiring group leader Paul Ranson (18 February 2013).
It took restructuring partner Claire Massie from Dundas & Wilson in March (12 March 2013), and, in January, tax specialist Darren Mellor-Clarke from KPMG as a non-lawyer partner, energy partner John Gilbert joined from BP (14 January 2013) and Michael Isaacs joined from Addleshaw Goddard as national head of banking litigation.
Pinsents made up 14 partners in April in its second promotions round since it took over McGrigors (22 April 2013).