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.”
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.
