CITY law firm Pinsent Masons has reported a three per cent rise in turnover for 2010-11, reversing the four per cent fall it saw last year thanks to a strong second half performance.
“The figures were flat at the half-year stage,” managing partner David Ryan told City A.M. “So all the growth was in the second half of the year.”
Ryan pointed to a particularly strong performance in the firms’ corporate and international arbitration practices, but said that even pressured sectors like real estate had held up well since 2010.
The rise in revenue from £206m in 2009-10 to £213m this year means the firm is back to pre-recession turnover levels, helped by its work advising Regal Petroleum on its cash offer by Energees Management for 70 per cent of Regal.
Pinsent Masons is the biggest UK law firm to publish its turnover figures during the early-May reporting round, having retained its spot as the 14th largest firm in the country after 2010’s results. Like many of its peers, it will release profitability figures – including profit per equity partner (PEP) – in six to eight weeks time once the results are confirmed. Last year, the firm posted PEP of £410,000, up 32 per cent from the previous year.