Pinsent Masons announces FY18/19 annual results

The firm achieved global turnover of £482m, a 7% increase on the prior year.

The results follow a year in which the firm undertook a number of initiatives that reinforced its commitment to conducting business in the right way, and for the right reasons.

Over the last 12 months Pinsent Masons:

• became the first-ever law firm to be recognised as the most LGBT+ inclusive employer in the UK by the charity Stonewall
• was named as one of the UK's top 50 employers for women by The Times
• launched the Mindful Business Charter, in collaboration with Barclays and Addleshaw Goddard. The Charter aims to change working practices that can cause unnecessary stress and pressure which, in turn, can lead to mental health and wellbeing issues.

The firm also continued to pursue a sustained programme of transformation, opening its eighth international office in four years, expanding its business in areas complementary to legal services and investing in alternative forms of service delivery.

In January the firm announced the plans to open its third German office in Frankfurt, while in March the firm appointed Kirsty Dougan to further-develop the firm's Vario business in Asia Pacific. Over the course of the year the firm has continued to convert its office space to facilitate agile working with over 50% of its global footprint now fully agile and invested in developing an R&D function comprising almost 50 legal technologists, analysts and engineers.

Gross profit during FY18/19 increased by 2.5%. However, in light of the forgoing and having ring-fenced significant funds for further investment in areas including IT and cybersecurity profit released to equity partner has reduced slightly, following five consecutive years of growth. This year's PEP stands at £620,000.

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."

Notes to Editors

1. Standout mandates throughout the year have included:

• Developing a unique collaboration with BCLP and Heathrow to support the expansion of the UK airport;
• Advising on the acquisition of Manildra Solar Farm which, once constructed, will be among the largest solar PV projects in Australia.
• Acted for various parties in proceedings at the UK Supreme Court I in respect of a challenge brought by a number of generic companies in relation to a dosage regime patent protecting Eli Lilly's blockbuster product CIALIS® (tadalafil)
• Representing Google in respect of a £3bn class action on behalf of c. 5 million individuals;
• Advising Railpen on the development of a unique structure for fund combining three world premier institutional investors across the UK, US and Middle East;
• Acting for AJ Bell, one of the largest UK investment platform providers, on its IPO and listing on the main market of the London Stock Exchange.

2. Over the course of the past year the firm has expanded its partnership by 4% to 446 partners globally.
3. Also during the past year the firm was named Law Firm of the Year 2018 by The Lawyer magazine and Law Firm of the Year 2019 by Legal Business magazine.