Pinsent Masons’ LLP accounts have revealed that key management compensation nudged up 2 per cent last year, from £5m to £5.1m. Meanwhile, compensation for the firm’s highest-paid partner was down last year, slipping 5 per cent from £856,293 in 2015 to £810,490 last year. The firm almost doubled its cash and cash equivalents last year from £20m to £45.67m, while turnover lifted 5 per cent from £363.6m to £382.8m. Similarly, profits available for distribution rose 5 per cent to £117.46m. However, growth has slowed at the firm since 2014-2015, when Pinsents recorded a 12 per cent spike in revenue and a massive 33 per cent jump in profits per equity partner.

Pinsent Masons senior partner Richard Foley has attributed the recent slowdown in Pinsents’ growth to a surge of investment across the firm’s global network in the last year. The firm picked up eight partners from Bowmans last year in preparation for the launch of its new office in Johannesburg this month. In January last year, Pinsents also launched its second German office in Düsseldorf with the hire of two former members of KPMG’s legal team in Germany.  

Sources: Legal Business; Legal Week