Pinsent Masons unveils FY20 results
Pinsent Masons has reported its results for the financial year ending in 2020 against four new benchmark metrics – a change for the business following the launch of a new strategy.
That strategy – to become a purpose-led professional services business with law at the core – was unveiled in autumn 2019. Following its launch the firm, which employs 500 staff in Glasgow, Edinburgh and Aberdeen, 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.”
"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."
For the record, revenue for the year end was £495.9m, an increase of 4% on the previous year.
“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.
Katharine Hardie, Chair of Scotland and Northern Ireland, said: “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.
“In Scotland, landmark deals in the past year led by our teams in Glasgow and Aberdeen, have included Ithaca Energy’s $2 billion acquisition of Chevron North Sea and the sale of football club Hibernian FC to US businessman Ron Gordon. Our Edinburgh office played a pivotal role in advising Winchburgh Developments on a first-in-kind private equity and public sector investment into a £1 billion housing development, for which the team was awarded Property Team of the Year at Legal Week's UK legal awards. The project will deliver one of the largest, most complex and ambitious place making projects in the UK.
“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."