Pinsent Masons unveils FY21 year end results
Multinational law firm Pinsent Masons has announced its FY21 year end results, reporting against last year’s metrics as the firm advances its strategy to become a purpose-led, professional services business with law at the core.
Following the launch of a refreshed reporting regime in 2020, the firm uses four key metrics to assess its performance for clients, colleagues, and the community, and measure its impact as a purpose-led organisation.
In the last year the firm, which employs more than 500 lawyers and support staff in Scotland, extended its global presence to 26 locations with the opening of an office in the Netherlands. Turnover also broke through the half-billion pounds barrier (£503.3m) for the first time and the business recorded 19% growth over a five year period.
Glasgow-based Partner and corporate M&A specialist, Rosalie Chadwick, was also appointed Global Head of the firm’s Oil and Gas practice, while Scottish-based lawyers played a central role in completing a number or major transactions on behalf of domestic and international clients.
The firm advised Miller Homes is the acquisition of Wallace Land, one of the country’s leading Land Promotors, which accelerates the housebuilder’s expansion of its strategic landbank by adding around 41 sites and circa 38,000 plots UK-wide to its pipeline.
The Energy team advised on a host of deals in the North Sea, most notably advising private equity backed Neo Energy on their acquisition of Zennor Petroleum for £450 million. The firm also represented battery storage developer, infrastructure provider and financier Zenobe Energy Limited. on their £150 million investment from M&G Plc.
Other notable deals included advising AIM listed Craneware plc on a £136.2 million equity raise by way of an accelerated bookbuild and a $140 million term and revolving credit facility to help finance its acquisition of Florida based Sentry Data Systems.
Richard Foley, Senior Partner at Pinsent Masons, said: “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.
“We assess ourselves against metrics that represent what is truly meaningful to our stakeholders and that help us to focus on bettering ourselves as a purpose-led organisation. During a particularly challenging year we’ve continued to focus on and measure ourselves against these metrics and we will continue to do so as we strive to improve against them going forward.”
Managing Partner at Pinsent Masons, John Cleland, added: “We have supported our clients on some standout matters this year. By way of example, these include advising Tesla on Australia’s first virtual power plant to provide cheaper, cleaner power to South Australia; advising Resonance on the launch of a series of impact investment funds including the Women in Safe Homes fund; GNA Biosolutions on the development of a rapid Covid-19 test in Germany and the UK Government on its purchase of an additional 60 million doses of the Pfizer BioNTech Covid-19 vaccine.”
Pinsent Masons FY20/21 year end results are as follows:
|Strategic metric||Progress and key stats|
|Our colleagues trust us and advocate for us||A firmwide employee engagement survey revealed that the firm has an employee net promoter score of +30.
Ranked as a Top 50 Employer for Women by The Times
Named a top ten family friendly employer for 4th year in a row
|Our clients trust us and advocate for us||Interviews of 294 clients during 2020 carried out by independent research company Acuigen found that:
– 94% of clients would recommend the firm
– 90% of clients ‘extremely’ or ‘very satisfied’ with the standards of service
– 93% of clients ‘extremely’ or ‘very satisfied’ with the quality of advice
– 95% of clients found us easy to work with
Ranked Top of TR Law Firm Brand Index
|Our business works better for the communities within which we operate||We committed early on to maintain full support for our established charitable partners and despite the impact lockdown has had on some of them and our volunteering programmes, we have still managed to reach over 13,000 young people globally in 20/21.
We have set Science Based Targets that commit us to:
– cutting our absolute carbon emissions by a minimum of 50% by 2030
– sourcing 100% renewable electricity across our global estate by 2030
We have become members of the Carbon Disclosure Project (CDP) to help us to monitor and manage supply chain emissions.
|Purpose-led business growth||Launched in the Netherlands; the firm’s multinational presence now stands at 26 offices over 4 continents
Realigned our professional services offering, incorporating Vario as a fifth practice group
Launched an Equality Law offering to support clients in their belonging and inclusion journey.
Turnover: £503.3m, breaking through the half a billion barrier for the first time following 9 consecutive years of growth, and 19% growth over a five year period.
Profit per equity partner: £636k (up 16% against prior year)