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Pinsents partner profits jump 16% as financial reporting season gets underway

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CMS also confirms 2021 results

International law firm Pinsent Masons has fired the starting pistol on another financial results season, recording a healthy uptick in partner profits despite the disruption caused by the coronavirus pandemic.

Pinsents confirmed profit per equity partner (PEP) is up a sizeable 16% to £636,000 for the financial year 2020/21, while turnover broke through the half a billion barrier for the first time to reach £503.3 million — a modest rise of 2% from £495.9 million.

The fresh financial results mark an improvement on this time last year, which saw the firm record a 12% dip in PEP to £546,000 due to what it said was substantial “inward investment”.

Commenting on the latest figures, Richard Foley, senior partner at Pinsent Masons, said:

“For us, success is to fulfil a purpose, and our purpose is to make business work better for people. If we get that right then financial success will follow, as we saw when we broke through the five hundred million pound revenue mark this year. But financial improvements are a product of a successful business, not the measure of it.”

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Back in May, Pinsents revealed it had repaid the cash it received as part of the government’s furlough scheme and restored the salaries of the 98% of staff who took part in its reduced hours and pay programme. It also upped bonus payments for staff after doubling its rewards fund to £13.7 million.

Elsewhere, CMS today confirmed UK and global turnover are up slightly to £567 million and €1.475 billion, respectively.

Stephen Millar, managing partner for CMS UK, said: “Our solid financial results reflect our resilience and ability to deliver successfully for our clients against what was an extremely turbulent backdrop in the last year. We are committed to building strong, long-term relationships with our clients as their business partners and to support them as they look for solutions to recover from the pandemic and to find new growth opportunities.”

Pinsents and CMS both recently upped the salaries of their junior lawyers, with newly qualified rates in London now sitting at £75,000 and £82,000.

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8 Comments

The Pinsents Meatspin

Must be awesome, mugging off the toiling associates with a measly 2% NQ pay raise from £72k to £75k while reporting record-breaking turnover numbers and 16% bumps to PEP.

Leading firm.

Definitely a second year LLB student

That’s why you never train at firms like Pinsents. Train MC/SC/US and join the likes of Pinsents, Eversheds, CMS etc as a senior associate and make partner there.

Drop-in-the-Ocean

To be fair, their did raise salaries so hats off to them! They could have probably raised to £80k though. Although those £5k more do not make much of a difference anyway…

Eh?

U dizzy brah?

When will they learn

Interesting how nearly ever single law firm in their 2020 and 2021 results are boasting of their biggest profit increases/revenue increases during a time where its employees were all working from home. This is despite client demand in big departments such as M&A, Real Estate, Project finance, construction etc. massively decreasing.

The idea that WFH produces less productive staff and disconnected team communication clearly was BS.

Pauline

That all works fine until you’re joining a new workplace and if you’re not junior and trying to learn from others efficiently.

Also, the prospect of working from home/in a room alone for the next few decades sounds categorically horrific.

Look at this flog and laugh

“This is despite client demand in big departments such as M&A, Real Estate, Project finance, construction etc. massively decreasing.”

Huh? What are you smoking bro? M&A departments across the City are absolutely flying , hiring new associates left right and centre. Most corporate teams have had their busiest years in history.

Bantosaurus Rex

Shet firm.

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