Login
‘Financial results not the measure of law firm success’
A multinational law firm has outlined the four key metrics it uses to meet its goal of being a “purpose-led, professional services business with law at the core”.
Emma Musgrave
Rather than measuring its success purely on financial metrics, Pinsent Masons utilises four metrics to ensure that its strategy remains effective:
2. Clients trust the firm and advocate for it.
3. The firm’s business works better for the communities within which they operate.
4. The firm sees purpose-led business growth.
In 2020, the firm refreshed its reporting regime to focus on these four pillars. A year on, senior partner Richard Foley said, it’s been a resounding success.
“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 five hundred million pound revenue mark this year. But financial improvements are a product of a successful business, not the measure of it,” Mr Foley said.
“We assess ourselves against metrics that represent what is truly meaningful to our stakeholders and that help us to focus on bettering ourselves as 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.”
In terms of its success in the first pillar, i.e. that colleagues trust the firm and advocate for it, Pinsent Masons outlined that during the past 12 months it has achieved an employee net promoter score of +30, among other rankings.
Its focus on the second pillar, i.e. that clients trust and advocate for them, Pinsent Mason said independent research by Acuigen found that 94 per cent of clients would recommend the firm, 90 per cent of clients are “extremely” or “very satisfied” with the standards of service and 95 per cent of clients found the firm easy to work with.
The third pillar, which focuses on the community impact, has also been successful thus far, according to Pinsent Masons, who has set Science Based Targets that commit it to cutting absolute carbon emissions by a minimum of 50 per cent by 2030 and sourcing 100 per cent renewable electricity across its global estate by 2030.
Last but not least, the firm noted its fourth pillar, focused on purpose-led business growth, has been met through the launch of its latest office in the Netherlands, marking the firm’s 26th office over four continents. In addition, it’s realigned its professional services offering, incorporating Vario as a fifth practice group, and launched an equality law offering to clients.
“We have supported our clients on some standout matters this year,” managing partner at Pinsent Masons, John Cleland, added.
“By way of example, these include advising Tesla on Australia’s first virtual power plant to provide cheaper, cleaner power to South Australia; advising Resonance on the launch of a series of impact investment funds including the Women in Safe Homes fund; GNA Biosolutions on the development of a rapid Covid-19 test in Germany and the UK Government on its purchase of an additional 60 million doses of the Pfizer BioNTech Covid-19 vaccine.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
Email Emma on:
