Pinsent Masons PEP falls 7% despite revenue growth

Pinsent Masons has reported a drop in profit per equity partner despite pushing revenue above £700 million.

Revenue at the firm rose 3.3% to £703 million in the year to 30 April, while PEP fell 7.2% from £797,000 to £740,000.

The decline follows a modest 0.5% rise in PEP last year, when revenue grew 4.7%, after several years of broadly flat partner profits.

Investment push

Pinsents pointed to significant investment across its international network, people and technology during the year.

Managing partner Laura Cameron said the firm had spent the past 12 months "investing in our people, premises and technology”.

The firm established a presence in Warsaw, opened an international delivery centre in Cape Town and formed a joint venture with a Chinese law firm. It also took new premises in Manchester, Glasgow and Sydney.

Pinsents made 27 lateral hires during the year, more than double the 13 reported a year earlier, while promoting 23 lawyers to partner.

The firm stepped up its investment in AI and legal technology, rolling out Legora firmwide and developing proprietary products including real estate tool REcapture and M&A due diligence platform Portana.

Major mandates

Pinsents advised on a string of significant matters during the year, including Poundland's restructuring and Huel's on its €1 billion sale to food and beverage group Danone.

Other mandates included advising the University of Greenwich on its merger with the University of Kent and Royal London Asset Management Property on its £197 million acquisition of industrial estate Fradley Park.

Senior partner Andrew Masraf said the investments demonstrated the firm's commitment to "sharpening our market focus, scaling our innovative delivery models and deepening our presence in the areas where our clients need us most".