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Pinsent Masons reveals ‘record year of revenue growth’ for FY23
Multinational law firm Pinsent Masons has recorded a revenue increase of 14 per cent, as well as a PEP increase of 7.8 per cent for the 2023 financial year.
Lauren Croft
Pinsent Masons has unveiled its FY23 financial results, recording a revenue of $1.12 billion and a profit per equity partner (PEP) of $1.47 million, an increase of almost 8 per cent.
The firm’s revenue increased from just under $1 billion in FY22 to $1.12 billion in FY23, following a number of changes to the global leadership team, following Richard Foley and John Cleland reaching the end of their permitted two terms as senior and managing partner. Andrew Masraf took up the role of senior partner in October 2022, and Laura Cameron became the firm’s first female managing partner in May 2023.
The results follow Allen & Overy recording an increase of 7 per cent in revenue earlier this week, as well as Ashurst recording a revenue jump to £879 million in FY23.
Headcount at Allen & Overy also increased by 19 per cent in FY23. Additionally, the appointment of Phillipa Beck to Melbourne office head earlier this year created an all-female leadership team for the firm’s Australian three-office network.
Commenting on the results, Pinsent Masons global senior partner Andrew Masraf said that the “record year” was due to the firm’s investment in its people and clients.
“Our commitment to investing in our people, our clients and communities consistently produces results,” he said.
“We’ve had a record year of revenue growth during which we focused on harnessing those investments to provide creative and innovative legal services for clients who are grappling with complex issues in challenging economies.”
In addition, Pinsent Masons supported 130 charity partners in social impact programs, as well as supported 30,000 young people.
The firm also committed to its Reconciliation Action Plan and established partnerships with Deadly Sista Girlz and Koya Aboriginal Corporation, both First Nations-led organisations in Australia focused on supporting young Aboriginal and Torres Strait Islander people. Deadly Sista Girlz is the Waalitj Foundation’s culturally appropriate healthy lifestyle program aimed at Aboriginal and Torres Strait Islander girls aged eight to 18. Koya Aboriginal Corporation is a community organisation that runs programs in Western Australia and the Northern Territory to support adults, young people and children.
Pinsent Masons also established an environmental, social and governance (ESG) board committee to inform the firm on its ESG and sustainability targets and metrics and support for clients, with each member leading specific firm-wide ESG objectives.
Partner and Asia-Pacific head James Morgan-Payler added that the firm’s growth would continue to the next financial year.
“The Pinsent Masons offering across Asia-Pacific continues to grow rapidly, allowing us to deepen our relationships with our clients and invest more in our people. We are working on significant, market-leading projects and transactions in the region that are very much driving the energy transition and creating infrastructure that is adapting cities and regional centres in the Asia-Pacific for the rapidly changing needs of its people and businesses,” he said.
“We are well positioned to continue this growth in FY24 with a focus on continuing to expand our legal service offering in the region.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
