Turnover Up 7% At Legal Firm Pinsent Masons
International law firm Pinsent Masons has today announced details of its unaudited financial results for the year 2018-19 which shows global turnover increased by 7% to £482 million.
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.
In 2018 the firm, which employs 560 partners and staff in Glasgow, Edinburgh and Aberdeen, committed to the lease of 25,000 sq ft of prime office space in Edinburgh’s prestigious Capital Square development, which it expects to occupy next autumn.
Key mandates completed in the last 12 months included advising on the £1 billion development of 3000 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 respected global rankings body 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.
Richard Masters, Chairman Scotland Northern Ireland Pinsent Masons LLP.
“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.”
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 and was named as one of the UK’s top 50 employers for women by The Times.
Pinsent Masons also 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.
Internationally, the firm 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 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.
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.”