Pinsent Masons Revenue Grows, but Profits Per Partner Dips Slightly

International law firm Pinsent Masons has reported a slight dip in profits per equity partner amid a slowing rate of revenue growth. In the 2023-24 financial year, revenue grew 7.2% to £649.6 million while PEP shrank by 0.5% to £793,000.

The figures contrasted with those for the post-pandemic year 2022-23, when Pinsents reported revenue up 14% £605.9m and PEP up 7.8% to £797,000. The firm does not release overall profit figures. 

Investing in Growth

Announcing the results, the firm said it continues to invest in lateral hires, new offices and practice groups. It has also invested in AI technology, rolling out Microsoft Copilot across the business.

A Focus on Innovation

Managing partner Laura Cameron said: 'Longstanding year-on-year growth has enabled us to remain resilient and to invest into critical aspects of our business such as tech innovation, professional services capabilities and boosting our partnership via a combination of strategic lateral hires and internal promotions.

'From launching a satellite office in Abu Dhabi to strengthen our cross-border Middle Eastern capabilities to being the only law firm supporting the UK government’s AI opportunity forum exploring how to more effectively deploy AI, we’re focused on enhancing creative and forward-thinking legal services delivery.'

Key Deals and Initiatives

[[The firm highlighted several key deals and initiatives in the 2023-24 financial year, including:

• Advising International Finance Corporation on its dry port development in Laos.
• Supporting Técnicas Reunidas on its energy transition project in Eastern Europe.
• Acting as UK counsel to Aker Solutions in its £2.75 billion joint venture with Schlumberger and Subsea 7.
• Sponsoring The National Theatre of Scotland’s all-female production of Dracula: Mina’s Reckoning and an accompanying outreach programme.
• Providing pro bono legal services to Women’s Aid to support the charity’s expanded Rail to Refuge scheme.](https://www.scotsman.com/business/pinsent-mason-results-2023-24-revenue-soared-4734987)](https://www.msn.com/en-gb/money/other/how-pinsent-masons-revenue-soared-to-650m-in-year-firm-supported-women-s-aid-pro-bono-and-sponsored-dracula/ar-AA1ot0Cq)

A Commitment to Social Responsibility

Pinsent Masons also highlighted its commitment to social responsibility, stating that it had supported a broader range of organisations through its community engagement and pro bono work and engaged with more clients on meaningful social mobility initiatives that seek to shift the dial and broaden access to law and other careers.

Looking Ahead

The firm expressed confidence in its future prospects, stating that it is well-positioned to continue to grow and thrive in the years to come. It highlighted its continued investment in technology, innovation, and its people as key drivers of its success.

A Strong Performance in a Challenging Market

Overall, Pinsent Masons’ results for the 2023-24 financial year demonstrate a strong performance in a challenging market. The firm’s commitment to growth, innovation, and social responsibility has enabled it to navigate the current economic climate effectively.

A Sign of the Times?

The slight dip in PEP, while a sign of the times in the legal sector, may signal a shift in the focus of law firms. Instead of solely focusing on profit per partner, the firm appears to be taking a more holistic approach to success, encompassing factors such as innovation, social responsibility, and client satisfaction. This may be a sign of things to come in the legal industry as law firms adapt to the changing demands of the market.