PEP down at Pinsent Masons as global turnover rises
International law firm Pinsent Masons has seen a seven per cent rise in global turnover and a slump in profit per equity partner (PEP).
Unaudited figures for the year to 30 April, show gross profit increased by 2.5 per cent to £192.4 million while PEP fell for the first time in six years by five per cent from £653,000 to £620,000.
John Cleland, managing partner at Pinsent Masons, said: “The past year has been one of unprecedented change and complexity for our clients. Our partnership is continuing to focus on making the investments that enable us to help clients respond to that trend.
“We’re continuing the transformation of our business from an expertise-based law firm into a modern, international professional services business with law at its core.
“At the same time, we’re concentrating not just on what we do, but how we do it. Our philosophy is that if we continue to do business in the right way and for the right reasons, financial performance is just one element of success that will flow from that. We want to grow and be successful, but do so in a way that makes a positive impact on our clients, our people and the communities in which we operate.”