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Pinsent Masons announces FY22 year end results

Posted By:
Pinsent Masons

6th Jul 2022

Multinational legal services business, Pinsent Masons, has announced its FY22 year end results.

As a purpose-led business, the firm measures and assesses its performance against four core metrics – client focus, people and development opportunities, Environmental, Social and Governance (ESG), and commercial results.

 

Client focus

  • Launched 11 new client solutions and products including the Human Cyber Index
  • Supported 125 clients with their responsible business and Diversity & Inclusion (D&I) strategies
  • Brand management and enforcement tool Alteria assisted a total of eight clients generating revenues in excess of £1m.
  • Rolled out Advanced Delivery Teams across the entire firm, thereby embedding professional services specialists in each of the firm’s practice groups and generating seven figure revenues by combining those professionals, process and technology to deliver better solutions.
  • More than doubled the firm’s paralegal centre for excellence, thereby expanding its Managed Legal Services offering
  • Recruited ESG-focused team in South Africa to enhance the firm’s multinational environmental expertise.
 People & Development opportunities

  • Over the past three years achieved the target of 45% of our legal director and partner promotion candidates being women
  • Over 50% of the Partners and Legal Directors in the Belfast office are female
  • Membership of the firm’s D&I network groups reached 1,263 following the launch of new groups such as the Neurodiversity Network and over 70% of the staff in Belfast are members of and active in at least one network group.
  • Promoted three fee-earning partners from outside of the traditional lawyer community as the firm advances its strategy to build a professional services business with law at the core.
  • Helped broaden access to the law via our collaboration with local school work experience programmes providing 203 children with placements across the UK
  • Inspired 18,154 young lives globally
 

 

ESG

  • Advised on five large scale corporate power purchase agreement projects as the firm supports more clients on renewable, innovative energy structures
  • One of the first law firms to have our science-based net-zero target verified to ensure we meet our goal of abating 90% of our 2019 baseline emissions by 2040.
  

 

Commercial Results

  • Revenue increased by just under 6% to £531.1m.
  • PEP increase of just over 16% to £739k from £636k
  • Advanced new practice groups including the Equality Law team which doubled its budgeted revenue in its first financial year
  • Invested into our multinational partnership with 75% of all lateral partner hires based outside of the UK

 

Senior partner at Pinsent Masons, Richard Foley, said:

“The progress we have made in diversifying client services, improving representation across the legal profession, and taking action to do our part to address climate change are all testament to what can be achieved when broader measures of success are applied to a business. We, like many other organisations, aspire to do the right thing for our clients, people and communities, but what we have seen since we introduced our broader metrics three years ago, is that when we measure these things over time behaviours do change.

“Purposeful and profitable growth are a consequence of getting everything else right. We’ve made great strides over recent years and are delighted to see others in our industry do the same. It’s a reassuring signal of the direction of travel within the legal sector and Pinsent Masons has no intention of slowing the pace.”

Andrea McIlroy-Rose, Partner and Head of Pinsent Mason’s Belfast Office, said:

“Delivering good growth underpinned by healthy financial performance has led to a very encouraging FY21/22 financial year. Sector-led and commercial expertise combined with a blend of professional services skillsets and the use of process and technology has enabled us to advise on a number of high-profile purpose-led projects such as Ireland’s first ever energy storage project, the Equality Law group’s work with St Modwen to address gender imbalance across their business and our data trust work which seeks to harness the power of data to tackle societal issues such as food poverty.

“The Belfast office has also concentrated this year upon reviewing the remuneration and benefits packages we offer in order to attract and retain the best people and as a consequence of the change in working practices which has resulted from the pandemic.

“We have retained the real flexibility which the firm has always been known for, but conscious of the competition from Dublin and the rest of the UK to work in different locations, we have rebased our salaries beyond the local market levels to help encourage our talented people to remain in or return to NI.

“Along with the increased salaries, the firm offers a wide range of benefits from market leading health cover and mental health support to our maternity and family policies such as our new Global Family Leave Policy, which allows new parents to take up to 16 weeks fully paid leave. There is a wealth of talent in Northern Ireland and we are committed to encouraging as much growth and opportunity here as we can.”