International firm Pinsent Masons has reported a slight dip in profits per equity partner amid a slowing rate of revenue growth. In the 2023-24 financial year, revenue grew 7.2% to £649.6 million while PEP shrank by 0.5% to £793,000.
The figures contrasted with those for the post-pandemic year 2022-23, when Pinsents reported revenue up 14% £605.9m and PEP up 7.8% to £797,000. The firm does not release overall profit figures.
Announcing the results, the firm said it continues to invest in lateral hires, new offices and practice groups. It has also invested in AI technology, rolling out Microsoft Copilot across the business.
Managing partner Laura Cameron said: ‘Longstanding year-on-year growth has enabled us to remain resilient and to invest into critical aspects of our business such as tech innovation, professional services capabilities and boosting our partnership via a combination of strategic lateral hires and internal promotions.
‘From launching a satellite office in Abu Dhabi to strengthen our cross-border Middle Eastern capabilities to being the only law firm supporting the UK government’s AI opportunity forum exploring how to more effectively deploy AI, we’re focused on enhancing creative and forward-thinking legal services delivery.’
