MULTINATIONAL law firm Pinsent Masons has announced its 2022/23 financial year end results, unveiling a 14% revenue increase to £605.9m as it further advances its purpose-led professional services capabilities.
The firm measures its success against four key metrics: financial success, people, clients and communities.
Our financial success
- Increased revenue by 14% to £605.9m and PEP by 7.8% to £797,000
Our people
- Exceeded our 20% minority ethnic UK trainee target achieving 21.4%.
– Advanced senior leadership gender parity following the appointment of Phillipa Beck to Melbourne office head, creating an all-female leadership team for the firm’s Australian three office network.
– Recruited apprentices to the Paralegal Centre of Excellence and broadened access to law via our SQE career pathway collaboration with legal intelligence provider Lexis Nexis. Six paralegals have progressed to accepting training contracts with PM this year.
– Glasgow-based Partner and former global head of Pinsent Masons’ 900-strong Risk Advisory Group, Laura Cameron, was elected as the firm’s first female managing partner.
– Five of the 25 lawyers promoted to the firm’s Partnership were based in Scotland.
Our clients
- Glasgow-based Partner Rosalie Chadwick led a team across Aberdeen and Glasgow which advised Ithaca Energy on its £2.5 billion initial public offering (IPO) and Main Market listing on the London Stock Exchange. It was the largest UK IPO of 2022 and the largest energy IPO in the UK since 2012.
We have continued working with Motor Fuel Group (who are the largest independent owner of forecourts in the UK) on the acquisition, letting and management of their circa 900 portfolio of forecourts across the UK. We have also been assisting Motor Fuel Group with their £400m dual-fuel strategy which is to develop its high speed, convenient ultra rapid EV sites and infrastructure ahead of EV demand alongside its existing fuel and retail business enabling a transition to a cleaner environment.
- Advised SUSI Partners and its Energy Transition Fund on the launch of a renewable energy platform to develop largescale renewable developments across Southeast Asia.
- Overhauled traditional solar development conventions establishing innovative collaborative processes to pursue planning approval for two projects in Lincolnshire developed by Island Green Power and Low Carbon.
- Advanced our ESG-focused solutions for clients with the acquisition of sustainable finance consultancy Morgan Green Advisory.
Our communities
- Supported 130 charity partners on social impact programmes and supported 30,000 young people in our commitment to inspire young lives
- Collaborated with social mobility charity the Amber Foundation, which aims to support underrepresented communities in Hong Kong, to broaden access to law, supporting new recruits in our business.
- Became a founding member of the Legal Taskforce of the Sustainable Markets Legal initiative which aims to accelerate the delivery of sustainability programmes and projects globally.
- Became a partner of the Charter 1.5 initiative which seeks to progress legal sector initiatives which accelerate energy transition.
- Established an ESG Board Committee to inform the firm on its ESG and sustainability targets and metrics and support for clients with each member leading specific firm wide ESG objectives.
Senior partner at Pinsent Masons, Andrew Masraf, said: “Our commitment to investing in our people, our clients and communities consistently produces results. We’ve had a record year of revenue growth during which we focused on harnessing those investments to provide creative and innovative legal services for clients who are grappling with complex issues in challenging economies.”
Managing partner at Pinsent Masons, Laura Cameron, said: “Over the last year we’ve made significant progress in building out our multinational, sector-led legal and professional services capabilities, promoting 25 to partner across our business and launching 25 new legal services products.
“Our diverse international skillsets are enabling us to deepen our client relationships through the delivery of more sophisticated offerings, tailored to their needs. Despite challenging economic circumstances on a global scale, we have continued to advise on high profile mandates that reflect our clients’ strategic priorities, such as ADB on its energy transition mechanism and supporting NatWest on its first sustainability linked asset-based lending facility.”
In FY22/23 Pinsent Masons announced changes to its leadership team following Richard Foley and John Cleland reaching the end of their permitted two terms as Senior and Managing Partner. Andrew Masraf took up the role of Senior Partner in October 2022 and Laura Cameron became the Firm’s first female Managing Partner in May 2023.
