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Pinsent Masons reports PEP increase of 16% in FY22
Multinational legal services business Pinsent Masons saw its revenue increase to just under $1 billion in the last financial year, while it pursues a reduction of 90 per cent of its 2019 baseline emissions by 2040.
Jerome Doraisamy
In announcing its results for the 2022 financial year, Pinsent Masons said it was measuring and assessing its performance against “four core metrics”: client focus, people and development opportunities, ESG, and commercial results.
Profit per equity partner, or PEP, increased from £636,000 ($1,114,557) in the last financial year to £739,000 ($1,295,059) this year.
The strong financial results were supported, the firm noted, by the doubling of budgeted revenue by its equality law practice group in its first financial year, as well as the investment in its multinational partnership, with 75 per cent of new lateral hires coming outside of the United Kingdom.
Elsewhere, the firm saw the verification of its science-based, net-zero target, so that it can meet its goal of abating 90 per cent of its 2019 baseline emissions by 2040.
On the people and development front, the firm has achieved its target of having women in 45 per cent of its legal director and partner promotions, and for its clients, supported 125 organisations with responsible business and D&I strategies, doubled the firm’s paralegal centre for excellence, and recruited an ESG-focused team in South Africa to enhance the firm’s multinational environmental expertise.
Speaking about the results, Pinsent Masons senior partner Richard Foley said that the progress that the firm has made in diversifying client services, improving representation across the legal profession, and taking action to do its part to address climate change “are all testament to what can be achieved when broader measures of success are applied to a business”.
“We, like many other organisations, aspire to do the right thing for our clients, people and communities, but what we have seen since we introduced our broader metrics three years ago, is that when we measure these things over time behaviours do change,” he said.
“Purposeful and profitable growth are a consequence of getting everything else right. We’ve made great strides over recent years and are delighted to see others in our industry do the same. It’s a reassuring signal of the direction of travel within the legal sector and Pinsent Masons has no intention of slowing the pace.”
James Morgan-Payler (pictured), who is the head of the firm’s Asia-Pacific arm, added: “Our sector-led expertise and professional services capabilities in Asia Pacific continues to go from strength-to-strength following a positive year of growth across the region.
“Our teams have advised on a number of landmark projects and collaborated with clients on a range of initiatives which enable them to advance their strategic goals. Standout success includes advising services contractor for the North-East Link on one of the largest road projects in Victoria and advising BP on the Guangzhou Aulton New Energy Tech battery swapping joint venture in China.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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