Pinsent Masons unveils FY20 results and reports on its transition to becoming a purpose-led business

The firm's strategy to become a purpose-led professional services business with law at the core was unveiled in autumn 2019

  
Pinsent Masons unveils FY20 results and reports on its transition to becoming a purpose-led business

Multinational firm Pinsent Masons has reported its FY20 results against four new headline benchmark metrics signalling a step change for the business following the launch of its refreshed strategy.

The firm's strategy to become a purpose-led professional services business with law at the core was unveiled in autumn 2019. Following its launch, the firm committed to using new metrics to measure progress.

Managing partner at Pinsent Masons, John Cleland, said: "Our refreshed strategy commits us to measure and communicate performance and progress by reference to metrics that reflect our purpose and measure our impact on our colleagues, clients and communities. This means measuring – and valuing – much more than just revenue and PEP. We've chosen four headline metrics that we believe will hallmark our progress and at the same time be meaningful for colleagues, clients and a wide set of stakeholders.

"The pandemic has accelerated a cultural and behavioural shift across the business community. We run the risk of alienating clients and future recruits by judging success primarily by reference to turnover and equity pay. Those are probably the two metrics our current and future stakeholders care about the least. It's time to start the process by which we change that."

Catherine Workman, Head of Pinsent Masons Middle East said, "The year ahead will present challenges the like of which we have not seen before. Despite obvious headwinds brought about by Covid-19 in the last year the firm has closed a number of big deals including Neuron LLC's merger with NAS United Healthcare Services LLC in Bahrain, advising Hubpay with its regulatory license application in the UAE, and advising Sonder on the establishment in the prop-tech sector in Dubai. We firmly believe that if we continue to do business in the right way and for the right reasons, our business will come through this year strong, united and better than before."

"From a financial perspective, I would characterise FY20 as satisfactory given the disruption in a number of our markets; whether that be Brexit and political turmoil in the UK, protests in Hong Kong, US/China trade wars, US/Iran tensions impacting the Middle East or bushfires in Australia," Cleland commented.

"However, this is already ancient history. The year ahead will present challenges the like of which we have not seen before. Despite obvious headwinds brought about by Covid-19, we're encouraged by the momentum we've found going into the new financial year. Already we've closed a number of landmark matters including the sale of £14bn investment platform Ascentric by Royal London, securing planning permission on the UK's largest solar farm at Cleve Hill, and acting for Exasol AG on the first IPO in Germany of 2020. We firmly believe that if we continue to do business in the right way and for the right reasons, our business will come through this year strong, united and better than before."

Additional notable achievements for FY20:

Significant client and market achievements: As in previous years, the firm acted on a number of market-leading matters including:

  • advising a consortium of lenders on the first 'Green' Revolving Credit Facility;
  • advised Zurich on the sale of its UK Retail Wealth Business;
  • acting for the UK Government in respect of a £1bn deal to improve mobile coverage;
  • advising BP on a landmark investment into artificial intelligence in China

Colleagues trust and advocate for us:

  • In April 2020, Pinsent Masons announced a commitment to implement the Mindful Business Charter (an initiative originally devised by Pinsent Masons in collaboration with Barclays and Addleshaw Godard) across its global network.
  • Earlier in FY20, Pinsent Masons maintained prominence in the Working Families, FT Diversity Leaders and Social Mobility

Our business works better for the communities within which we operate:

  • Pinsent Masons signed up to the UN Sustainability Charter and settled upon and committed to 17 SDGs most relevant to its business.  
  • In addition to the sustainability progress outlined above the firm has:

- Reduced print volumes by 29% across UK and Europe;

- Reduced CO2 emissions associated with global business travel by 18%;

- Saved 000's of single use cups and plastic bottles by ending their use within the business and achieving almost zero waste to landfill.

Business growth:

  • In October 2019, the firm announced the launch of a dedicated Client and Legal Project Management division
  • The firm exceeded its strategic commitment to ensure that no less than 10% of promotion candidates year-on-year should be drawn from outside of its fee-earning teams by promoting two such individuals to the partnership.
  • The firm opened its third office in Germany – and 25th office globally – in Frankfurt.
  • It also hired a total of 26 partners, bringing the total number of partners in the business to over 460 globally.

About Pinsent Masons

Pinsent Masons is a global 100 law firm, specialising particularly in the energy, infrastructure, financial services, real estate and technology, science and industry. The firm employs over 3000 people worldwide, including around 1500 lawyers and more than 400 partners. The firm's international footprint encompasses seven offices across Asia Pacific, two offices in the Middle East, six offices in continental Europe and one in Africa. The firm also has comprehensive coverage across each of the UK's three legal jurisdictions.

  • Pinsent Masons LLP is a limited liability partnership registered in England & Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority, and by the appropriate regulatory body in the other jurisdictions in which it operates. The word ‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm who is a lawyer with equivalent standing and qualifications. A list of the members of the LLP, and of those non-members who are designated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom.
  • We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP and affiliated entities that practise under the name ‘Pinsent Masons’ or a name that incorporates those words. Reference to ‘Pinsent Masons’ is to Pinsent Masons LLP and/or one or more of those affiliated entities as the context requires. © Pinsent Masons LLP 2017.
  • Pinsent Masons office network extends across the major international business centres of London, Dublin, Munich, Frankfurt, Düsseldorf, Madrid, Paris, Doha, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Johannesburg, Sydney Melbourne and Perth - and the key commercial centres in the UK.
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