International firm Pinsent Masons joined the parade of firms reporting healthy financial results today when it announced profit per equity partner growth of 16% to £739,000 in the year to 30 April. Turnover was up by 6% to £531m. Managing partner John Cleland described the results as 'encouraging'.
Other highlights reported today included the new equality law team doubling its budgeted revenue in its first financial year and revenue at professional services arm Pinsent Masons Vario growing by 40.5%.
The firm also announced that it had achieved its target of 45% of legal director and partner promotion candidates being women.
Cleland said: 'Delivering good growth underpinned by healthy financial performance has led to an encouraging FY21/22 financial year. Sector-led and commercial expertise combined with a blend of professional services skillsets, use of process and technology has enabled us to advise on a number of high-profile purpose-led projects.'
Pinsent Masons is the latest City firm to announce strong profit growth in 2021-22. Last month Osborne Clarke reported an 11% rise in profit per equity partner to £796,000.
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