Pinsent Masons has recorded an astronomical hike in profit per equity partner (PEP), rocketing up 70 per cent from £234,000 to £400,000 for 2005-06.
Turnover has increased 15 per cent to £172m, marking the end of the first full financial year following the merger between Pinsents and Masons.
Managing partner David Ryan attributes the PEP figures to the merger, as well as a “firm grip on costs”.
“The extra £22m has gone straight to the bottom line rather than merger costs,” he said.
Partner numbers have dropped from 121 to 115. Pinsents also has £8m of cash in the bank to boast about.
Pinsents’ PEP was £270,000 in its final year before merging with Masons, which had a PEP of £247,000 that year.