11 Jul 2019 | 09:00 am | 2 min. read
International law firm Pinsent Masons has today announced details of its unaudited financial results for FY18/19.
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:
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."
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Multinational law firm Pinsent Masons has advised the financiers (Japan Bank for International Cooperation, Mizuho Bank and Al Rajhi Banking and Investment Corporation) on the project financing provided to a consortium led by Marubeni Corporation in joint venture with Al Jomaih Energy & Water Company Limited of the 300MW solar power plant to be built and operated in Rabigh, Saudi Arabia.
Multinational law firm Pinsent Masons has appointed transport and infrastructure expert Miguel Nieto, as Finance and Projects partner in Madrid where he will focus on the growing transport and mobility market.
Pay gap reporting highlights the value and importance of our drive to promote diversity and inclusion. This year we have opted to report on our disability pay gap for the first time as we underscore our commitment to belonging and inclusion and strengthen our network groups to encourage and champion change for all of our people.
Multinational law firm Pinsent Masons has advised Diamond Transmission Hornsea One Limited (DTP Hornsea One) on the £1.175bn acquisition and financing of the transmission assets relating to the 1218MW Hornsea One offshore windfarm from Hornsea 1 Limited (Hornsea 1).
Multinational law firm Pinsent Masons has boosted its corporate capabilities by recruiting Johannesburg-based partner Chris Green.
Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.
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