Multinational law firm Pinsent Masons has announced a modest increase in revenue, and a recovery in profitability, in its year end results for 2020-21.
Turnover rose by 1.5% to pass the half billion mark, reaching £503.3m in the firm's ninth consecutive year of growth – 19% over the last five years, while profit per equity partner jumped by 16% to £636,000, reversing last year's 12% fall.
reporting against last year’s metrics as the firm advances its strategy to become a purpose-led, professional services business with law at the core.
Pinsent Masons, which employs more than 500 lawyers and support staff in its three Scottish offices, extended its global presence to 26 locations with the opening of an office in the Netherlands.
Since last year the firm uses four key metrics to assess its performance for clients, colleagues, and the community, and measure its impact as a purpose-led organisation.
Senior partner Richard Foley explained: “For us, success is to fulfil a purpose, and our purpose is to make business work better for people. If we get that right then financial success will follow, as we saw when we broke through the £500m revenue mark this year. But financial improvements are a product of a successful business, not the measure of it.
“We assess ourselves against metrics that represent what is truly meaningful to our stakeholders and that help us to focus on bettering ourselves as a purpose-led organisation. During a particularly challenging year we’ve continued to focus on and measure ourselves against these metrics and we will continue to do so as we strive to improve against them going forward.”
Among the outcomes reported are the firm being ranked as a Top 50 employer for women by The Times, and being named a top 10 family friendly employer for the fourth year in a row; achieving an independent research score of 94% of clients who would recommend the firm; and setting a science based carbon emissions reduction target of 50% by 2030.