Turnover boost for Pinsent Masons
Law firm Pinsent Masons, which has an office in Birmingham, has announced an upturn in its turnover for 2015/16.
The firm achieved a global turnover of £382.3m during the year, a 5.5 per cent revenue growth on the previous 12 months.
The firm has recorded a cumulative revenue growth of almost a fifth during, the past three years, with a significant contribution from its Birmingham office.
The firm’s advanced manufacturing and technology, financial services and infrastructure sectors all contributed around 20 per cent to global turnover, while the energy and real estate sectors contributed around 12 per cent each.
The Birmingham team continues to develop with four legal director promotions and six senior associates promotions last month.
The firm was named ‘Law Firm of the Year 2016’ and ‘Corporate Social Responsibility’ and ‘Pro Bono Lawyer of the Year’ at the Birmingham Law Society Awards.
It was also recognised for ‘Excellence in Innovation’ at this year’s Greater Birmingham Chambers of Commerce Business Awards.
Standout mandates for the Birmingham office over the year include advising Arena Central Developments LLP (Miller Developments and Pro Vinci Asset Management joint venture), on the development of a 210,000 sq ft head office for the new ring-fenced retail bank HQ of HSBC.
The firm also acted for E.ON, on the disposal of stakes in Rampion Offshore Wind. It also advised forklift truck distributor Briggs Equipment UK on a £200 million long term asset based financing, to assist its development plans.
Greg Lowson (pictured), head of the Birmingham office said: "It has been a positive year in which we have helped a number of our clients in the region achieve their commercial ambitions. Our international expansion will continue to benefit our regional clients.
“The region is undergoing an economic renaissance, the increasing levels of investment and quality developments that make this a great location for businesses and investors."
John Cleland, managing partner at Pinsent Masons, said: "Our vision is to be recognised as an international market leader in the global sectors in which we operate, and this latest set of results demonstrates further progress.
“It is particularly pleasing that we have managed to sustain growth and profitability while making unprecedented levels of investment into our business. Our partners recognise that if we are serious about becoming international market leaders we cannot stop investing.
“We have a good deal of momentum in the business and our focus now is on supporting clients based in the UK and elsewhere through what is likely to be a volatile and unpredictable trading period. Some time ago we assembled a multi-disciplinary Brexit advisory team which is already engaged with clients globally to address the challenges and opportunities linked to Brexit.
“The year ahead is hard to predict, however our strategic focus on industry sectors, international platform and broad practice mix means our business is exceptionally well-placed to help clients respond to what lies ahead."
The results follow a year of intense investment at Pinsent Masons. Over the course of the past 12 months the firm has launched new offices in Sydney and Melbourne, acquired a majority stake in Cerico, the cloud-based regulatory compliance solutions business, and made 18 partner promotions, as well as recruiting former Secretary of State Douglas Alexander as a strategic adviser in connection with the firm's responsible business agenda.