Pinsent Mason breaks through £500 million benchmark
Profit per equity partner zooms to 16 per cent to reach £636,000 registering an impressive rebound from last year
The London-headquartered international law firm Pinsent Masons has announced an impressive turnaround in revenue and profits compared to the relatively low key results of last year. The firm has announced a 16 per cent increase in its profit per equity partner (PEP) with revenue edging up by 1.5 per cent, enabling it to break through the £500 million benchmark for the first time.
The surge in PEP came after it witnessed a fall by 12 per cent to £546,000 last year. Revenue has risen to £503.3 million from £496 million, the ninth successive year the top 20 UK firm has increased turnover.
The performance provides an early indication that the firm has started reaping fruits of the pandemic-induced cost-savings measures it had adopted to meet the crisis.
Pinsent Masons revamped its reporting metrics last year to include a wider range of criteria for measuring success, which it felt would better reflect the firm's values beyond PEP. The revamped reporting metrics include trust among colleagues, trust among clients, community and societal good, and purpose-led business growth.
"For us, success is to fulfil a purpose, and our purpose is to make business work better for people. If we get that right then financial success will follow, as we saw when we broke through the five hundred million pound revenue mark this year. But financial improvements are a product of a successful business, not the measure of it," senior Pinsent Masons partner Richard Foley said.
In terms of trust among colleagues, the firm highlighted its employee net promoter score of +30 and its top 50 ranking in The Times' Employer for Women index, as well as being named a top 10 family-friendly employer for the fourth year in a row.
Independent research company Acuigen reported that based on its interviews of 294 clients during 2020, 94 per cent of the firm's clients would recommend it to others, while 90 per cent said they were extremely or very satisfied with the standards of service offered.
Pinsent Mason fixed environmental targets for its community-focused metric that commit it to cut absolute carbon emissions by a minimum of 50 per cent and sourcing 100 per cent renewable electricity across its global estate by 2030.