This figure strips out the effect of the merger with national law firm McGrigors. The legacy firms had a notional combined turnover of £294m for FY 11/12. Turnover for Pinsent Masons alone last year was £221m, meaning revenues have in effect grown by 40% in the wake of the merger.
The increase in turnover comes after of a year of significant progress at the firm. In addition to the June 2012 merger, Pinsent Masons opened offices in Munich and Paris in June and September respectively. The firm also doubled the size of its team in Shanghai and launched a TMT practice in Singapore. In February Pinsent Masons announced the launch of a presence in Istanbul – for the first time giving it more offices overseas than in the UK.
The firm has secured several important client wins during FY12/13. Over the course of the past year Pinsent Masons has been appointed to the panels of Spanish infrastructure giant Ferrovial, UK energy regulator Ofgem and to several important lots on the Government Procurement Service panel. It was also appointed by Balfour Beatty to advise on complex and critical matters, and act as sole provider on all UK business as usual work.
The firm has made a number of senior hires during the period, bringing in a 4 partner Life Sciences team from Fasken Martineau led by Paul Ranson, restructuring expert Claire Massie, tax specialist Darren Mellor-Clark, energy disputes specialist John Gilbert from BP and financial services disputes specialist Michael Isaacs. 14 lawyers around its UK and international network were recently promoted to partner.
David Ryan, Managing Partner of Pinsent Masons, says:
"We are pleased to report a 5% increase in turnover at a time when the UK market in particular remains challenging. The firm has changed dramatically over the past 12 months and we have made significant investment into the business. We continue to see strong demand in global sectors such as energy, infrastructure and advanced manufacturing and technology, particularly in litigation, tax, competition and regulatory. The firm has moved forwards in financial services, with strong growth in insurance and restructuring."
"The performance of our international network has also been encouraging with significant contributions from our new offices in Paris and Munich. Asia Pacific was a real bright spot, with 30% turnover growth for a second consecutive year."
In addition to international expansion the firm has also focused on developing new services to meet the changing shape of client demand. At the beginning of 2013 it launched Vario, a flexible resources hub to provide qualified lawyers to clients on a contract basis. Earlier this month it launched Cerico, a joint venture with IT consultancy Campbell Nash developed to help large businesses meet global compliance requirements.