Pinsent Masons has announced a 4.6 per cent increase in revenue from £309m to £323m with a corresponding increase in average profit per equity partner (PEP).
The unaudited figures released today (8 July) state that PEP at the firm increased by 4.5 per cent from £387,000 to £405,000 for the 2013/14 financial year.
The positive financial results come just weeks after the firm elected head of construction Richard Foley to replace longstanding incumbent senior partner Chris Mullen for a four-year term beginning October 2014 (30 June 2014).
The firm acquired McGrigors on 1 May 2012. 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 managing partner David Ryan attributed the bulk of the growth to banking and finance, real estate and projects, particularly in the energy sector.
The firm also highlighted Germany and the Middle East as making a significant contribution in the last financial year.
Referring to the long period of investment by merger, as well as various office openings and lateral hiring, Ryan said: “Our focus now is on realising the strongest returns and boosting profitability with a more modest level of investment continuing alongside.”
Ryan is expected to face a contested election in the Autumn having held the post since 1998.
Commenting on the results, he referred to the arrival of new finance director Charlotte Beckett who will join the firm in the autumn, replacing Steve Hancock. Ryan said Beckett’s first priority will be to ensure the firm is well positioned to drive up profitability despite a period of sustained growth.
Pinsents has made significant investments in Asia last year. The firm launched its TMT practice in Singapore with the hire of partner Brian Tan from local IT boutique Keystone Law Corporation (18 April 2013).
The firm went on to hire three partners in Singapore from local rival KhattarWong and a senior lawyer in Shanghai from legacy SJ Berwin in January (6 January 2014) and added to its Asian infrastructure group with the hire of Formosan Brothers construction and disputes partner Helena Chen in Beijing in April (7 April 2014).
In 2012 the firm took two partners in Shanghai from legacy Salans (18 June 2012).