Pinsent Masons surges in latest LLP accounts
Pinsent Masons has released its first international LLP accounts since its overall inception on 1 June 2016, and the numbers boast speedy growth. Turnover, profit, and remuneration all saw an increase over the period. Senior partner Richard Foley attributed the successful year to “sustained profitability” and “strategic investment” into the business.
Turnover increased by 11% to £423.1m, in turn causing profit to rise from £117.5m to £134.9m, even in the midst of a 9% rise in costs, which included a £14.6m, or 10%, increase in staff salaries. The firm’s cash pile shot up by almost 42%, reaching £64.8m.
Fee earners rose modestly from 1,357 to 1,368, while the number of members rose similarly to 357 from 349. The highest-paid member’s earnings rocketed from £810,490 to £1,086,951.
Despite the increases over the last year, Pinsent Masons cites Brexit as a source of “increased uncertainty” for the LLP, but remains confident that its members are equipped to handle potential risks.