01:04, July 03 76 0

2017-07-03 01:04:10
Pinsent Masons posts 11 per cent turnover growth as PEP rises to £625,000

Pinsent Masons has posted double-digit revenue growth for the 2016/17 financial year, while profit per equity partner (PEP) reached £625,000.

The firm’s turnover hit a record-high of £423.1m, up from £382m the previous year and PEP grew by 14 per cent from £549,000.

When adjusted for currency fluctuations, Pinsent Masons’ revenue growth figure drops to 7 per cent.

The results show healthy growth of just over £140m since the 2012 merger with US firm McGrigors which created a £280m-turnover firm.

Pre-tax profits are currently unavailable.

This growth took place with a backdrop of major investment during the last 18 months. New locations in Johannesburg, Düsseldorf and Madrid will soon be joined by another office in Dublin with an opening date yet to be confirmed.

Investments in Brook Graham, Yuzu and Vario have seen the firm’s commitment to technology and innovation continue.

The firm has also reset its diversity targets, through its ‘Sky’ programme and a promotion round this year of 68 per cent new female partners. The firm is now aiming to achieve 30 per cent female partners by 2020.

Pinsent Masons managing partner John Cleland said that the firm is “trying to focus on things that are important to us” and that “there are a lot of opportunities in the market” although new offices are not immediately in the pipeline.

He said: “We like to keep an open mind. With four new offices so recently, we’re always open to opportunities but there’s not going to be anything soon. Any new location would have to continue in our commitment to providing a better global global service for our clients.”

Clelend highlighted Germany, Australia and Asia as being high-performing jurisdictions and said that the firm will continue to push to be a global leader in its five main practice areas.

“Germany has been thriving,” he commented. “Our Munich office continues to expand with a trio of IP specialists – Alexander Bayer, Peter Koch and Jörg Khöber – and some really interesting work in the technology sector such as our work in autonomous robots. Australia and Asia have been very busy.

“Australia has been open for nearly two years where we’ve advised on the Melbourne Metro Project, which was a AUS$15bn deal, and we acted for Samsung on the Roy Hill iron ore dispute.

“In Asia, we acted for China Harbour on the port city project as well as a very pleasing project in Malawi. It’s very comforting and great to see.”

As for the future, Cleland declined to make any predictions. He said: “We’ll continue to focus on innovative ways to serve our clients. We’ll make further investment in our businesses as well as new people and on the key mandates we’ve won.

“If, having done all that, we have an improvement in turnover and profit then it would be another fantastic year. My emphasis is to continue doing the things to take us forward. If we get these things right and take them forward then that will be a success.”