Pinsent Masons has posted a 7.2% increase in its revenue for the 2024 financial year to £649.6m, as its profit per equity partner (PEP) flatlined. 

PEP fell slightly to £793k, having risen 8% in FY23 to £797k and by 16% in each of the previous two financial years. The fall sees the firm buck the trend that has emerged so far this financial reporting season of strong revenue and profit gains at UK firms, including Simmons & Simmons and Ashurst.

The results are the fifth set posted by Pinsent Masons since it revamped its reporting metrics four years ago to cover a wider range of criteria for measuring success to better reflect the firm’s values beyond PEP. The firm measures and assesses its performance against four core metrics – financial success, people, clients and communities.

Laura Cameron, who became Pinsents’ first female managing partner last year, said: “Longstanding year-on-year growth has enabled us to remain resilient and to invest into critical aspects of our business such as tech innovation, professional services capabilities and boosting our partnership via a combination of strategic lateral hires and internal promotions.

“From launching a satellite office in Abu Dhabi to being the only law firm supporting the UK government’s AI opportunity forum exploring how to more effectively deploy AI, we’re focused on enhancing creative and forward-thinking legal services delivery.”

In relation to client focus, the firm advised International Finance Corporation on its dry port development in Laos and Spanish general contractor Técnicas Reunidas on its energy transition project in Eastern Europe. The firm also advised Spanish investment firm Azora on its entry to the Irish market through the acquisition of hostels in Dublin and waste solutions business Plastic Collective as recipients of funds via a first-of-a-kind sustainability bond to deliver plastic recycling projects in Ghana and Indonesia. 

Looking to its people, Pinsents said it had recruited 41 lateral partners over the course of the year and promoted 22 to partner as it sought to build out new offices and invest in its global sectors and practice groups. Key hires included a trio of corporate and public sector and EU law partners from Dentons in Dusseldorf to replenish its Germany bench after several departures. The firm also bolstered its bench in Johannesburg with the hire of a cross-practice team from local boutique Tabacks and in Dublin hired partner Maureen Daly from local firm Beauchamps to lead its Irish IP team. 

Pinsents also boosted its female leadership over the course of the year, appointing Melanie Grimmitt to head the clients and markets group and hiring chief technology officer Tracey McDermott and chief people officer Hannah Kozlova Lindsay from McCarthy Stone and BCLP respectively. The firm narrowly missed its target to achieve a 30% female partnership by 2020 and aims to have women make up 35% of its partnership by 2030.  

For its communities metric, Pinsents teams coached aspiring lawyers working across Tesco’s shop floors through the supermarket’s legal work experience programme and provided mentoring and support for aspiring lawyers with disabilities in Hong Kong in collaboration with a local charity. The firm’s trademark specialists also provided pro bono legal services to Women’s Aid. 

Another highlight for the firm last year was the launch of a satellite office in Abu Dhabi, its fourth in the region after its bases in Dubai, Riyadh and Doha. In February the firm also launched its flexible services business, Vario, in the Middle East, with senior legal counsel Britta Spachtholz relocating to Dubai to spearhead the launch. 

Pinsents’ senior partner, Andrew Masraf, commented: “We’re proud of the progress we’ve made in advancing our multinational sector-led strategy, reporting healthy financial performance which enables us to remain resilient and to reinvest into our business. 

“Last year we supported a broader range of organisations through our pro bono work and engaged with more clients on meaningful social mobility initiatives that seek to shift the dial and broaden access to law. We look forward to building on this success.”