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Pinsent Masons’ turnover rose by 3 per cent in 2010-11, with the firm posting a top line of £212.5m. But net profit dropped by 4 per cent, from £46m to £44m.
Turnover (£m): 212.5
Average PEP: 400
Equity spread (£k):200-550
Profit margin (%): 21
RPL (£k): 242
Vision - Execution - Governance -
The profit margin fell by 1 per cent to 21 per cent, while average profit per equity partner dropped from £410,000 to £400,000. That said, it is a relatively small drop in profit when you consider that Pinsents moved into new London headquarters in 2010. Indeed, managing partner David Ryan insists the firm is in great shape following the move, with a war chest of around £11m.
Pinsents has been guided by Ryan for more than 10 years. He has been elected to the post three times and is now in the second year of his third four-year term. Senior partner Chris Mullen is halfway through his second term.
Decisions at the firm are made by the management board, comprising Mullen, Ryan, the finance director and three elected non-executive partners. The board meets 10 times a year to discuss strategy and implement decisions, though large undertakings, such as new offices, are also put to the equity partners for a vote. The firm also has a partnership board that looks at new hires.
Pinsents operates a two-tier partnership with fixed-share partners who contribute capital, receive a salary and an additional two profit points each, which roughly accounts for between 10 and 15 per cent of their total remuneration.
Equity partners enter the 10-rung modified lockstep on 20 points. A 10-member remuneration committee reviews pay every three years. Partners can move down, as well as up, the lockstep. There is also a partnership-wide bonus scheme, which accounts for 10 per cent of the total profit pool.
In 2010-11 Pinsents was focused on maintaining its balance sheet following the London office move but also found time for lateral hires, an office launch in Singapore and the addition of a capital markets team in Hong Kong.
Pinsents is throwing a lot of its weight behind growing its slice of international markets, particularly in the Gulf and Asia. It is also looking to expand in energy and technology and raise its profile in financial services.