Partner profits down at Pinsent Masons as global turnover rises
International law firm Pinsent Masons has seen a seven per cent rise in global turnover and a slump in profit per equity partner (PEP).
Unaudited figures for the year to 30 April, show gross profit increased by 2.5 per cent to £192.4 million while PEP fell for the first time in six years by five per cent from £653,000 to £620,000.
Estimated Scottish turnover was £77m, a seven per cent increase on last year’s revenue of £71.6m.
Key mandates completed in the last 12 months included advising on the £1 billion development of 3,000 new homes in Winchburgh in a joint venture by Winchburgh Developments Ltd, West Coast Capital and CALA Homes.
Corporate and energy specialists also acted in the £50 million sale of a portfolio of offshore wind farms by Scottish Equity Partners and in Ithaca Energy’s £2 billion acquisition of Chevron’s North Sea oil and gas assets.
In January Pinsent Masons was also named Scotland’s Firm of the Year by the Legal 500 UK.
Pinsent Masons chair of Scotland and Northern Ireland, Richard Masters, said: “It has been a successful year for our Scottish offices as we continue to secure mandates from global clients to advise on some of the most complex and valuable corporate deals which take place in Scotland, in addition to advising Scottish-based businesses with international operations.
“In the next 12 months we will seek to consolidate our position as the leading international legal firm and have set down a marker for growth in 2020 and beyond with our commitment to taking up significant office space in Edinburgh’s Exchange District.”
John Cleland, managing partner at Pinsent Masons, said:”The past year has been one of unprecedented change and complexity for our clients. Our partnership is continuing to focus on making the investments that enable us to help clients respond to that trend. We’re continuing the transformation of our business from an expertise-based law firm into a modern, international professional services business with law at its core.
“At the same time, we’re concentrating not just on what we do, but how we do it. Our philosophy is that if we continue to do business in the right way and for the right reasons, financial performance is just one element of success that will flow from that. We want to grow and be successful, but do so in a way that makes a positive impact on our clients, our people and the communities in which we operate.”