Pinsent Masons unveils FY20 results and reports on its transition to becoming a purpose-led business
22 Jul 2020 | 10:00 am | 6 min. read
Multinational firm Pinsent Masons has reported its FY20 results against four new headline benchmark metrics signalling a step change for the business following the launch of its refreshed strategy.
The firm's strategy to become a purpose-led professional services business with law at the core was unveiled in autumn 2019. Following its launch the firm committed to using new metrics to measure progress.
Managing partner at Pinsent Masons, John Cleland, said: "Our refreshed strategy commits us to measure and communicate performance and progress by reference to metrics that reflect our purpose and measure our impact on our colleagues, clients and communities. This means measuring – and valuing – much more than just revenue and PEP. We've chosen four headline metrics that we believe will hallmark our progress and at the same time be meaningful for colleagues, clients and a wide set of stakeholders."
"The pandemic has accelerated a cultural and behavioural shift across the business community. We run the risk of alienating clients and future recruits by judging success primarily by reference to turnover and equity pay. Those are probably the two metrics our current and future stakeholders care about the least. It's time to start the process by which we change that."
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Strategic metric |
Progress and key stats |
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Our colleagues trust us and advocate for us |
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Our clients trust us and advocate for us |
Interviews of 367 clients during 2019 carried out by independent research company Acuigen found that:
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Our business works better for the communities within which we operate |
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Purpose-led business growth |
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"From a financial perspective, I would characterise FY20 as satisfactory given the disruption in a number of our markets; whether that be Brexit and political turmoil in the UK, protests in Hong Kong, US/China trade wars, US/Iran tensions impacting the Middle East or bushfires in Australia," Cleland commented.
"However, this is already ancient history. The year ahead will present challenges the like of which we have not seen before. Despite obvious headwinds brought about by Covid-19, we're encouraged by the momentum we've found going into the new financial year. Already we've closed a number of landmark matters including the sale of £14bn investment platform Ascentric by Royal London, securing planning permission on the UK's largest solar farm at Cleve Hill, and acting for Exasol AG on the first IPO in Germany of 2020. We firmly believe that if we continue to do business in the right way and for the right reasons, our business will come through this year strong, united and better than before."
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