Pinsents reports revenue drop but profit rise

Pinsent Masons’ net profit grew by a third for the 2009-10 financial year, while turnover dropped by four per cent.

David Ryan
David Ryan

The firm has reported a 32 per cent increase in average profit per equity partner (PEP) from £310,000 during 2008-09 to £410,000 this year. Turnover fell by four per cent from £215m to £206m.

The firm’s managing partner David Ryan said: “Our results reflect a spirited and determined performance by everyone in the business. In a tough climate, we not only made real progress but also made some important, strategic investments – particularly in life sciences and Islamic finance – which augur well for this year.

“There were some stand out performances in many areas of our business – most notably international arbitration, our Gulf operations, restructuring and pensions, and outsourcing, technology and commercial. Many other businesses held their own.

“We’re confident that there’s more progress to be made this year, along with sizeable investment in our major new London HQ.”

Other firms to have reported results recently include Stephenson Harwood, which grossed £92m and reported a PEP of £561,000 (22 June 2010), LG, which made £65m and recorded PEP of £460,000 and Norton Rose, which made £307m and is expected to see PEP fall slightly (21 June 2010).