Pinsents partner profits fall by 36% as firm confirms layoffs
Pinsent Masons has posted a 36% drop in profits, with average profits per equity partner (PEP) falling to £310,000. The drop saw the national firm's PEP fall from £486,000 in 2007-08, with the decline coming against a slight increase in turnover. Revenues grew by 1% to £215m in 2008-09, compared with £213m the previous year.
July 17, 2009 at 06:57 AM
2 minute read
Pinsent Masons has posted a 36% drop in profits, with average profits per equity partner (PEP) falling to £310,000.
The drop saw the national firm's PEP fall from £486,000 in 2007-08, with the decline coming against a slight increase in turnover. Revenues grew by 1% to £215m in 2008-09, compared with £213m the previous year.
The firm attributed the fall in profits to the opening of new premises in Manchester and Scotland and an office launch in Dubai, lateral hiring and the fact the firm has only made limited redundancies in comparison to many of its rivals.
Pinsents confirmed that around 20 fee earners and support staff will leave the firm as a result of its only redundancy round to date, which was announced in June.
In a bid to reduce the need for further cuts the firm has introduced flexi-working schemes including measures such as sabbaticals of up to 13 weeks and four-day weeks on approximately 80% pay.
Each of the firm's practice group are voting on the measures. So far, two-thirds of the firm, including real estate and corporate, have been asked to vote, with 98% giving their consent. The remaining third of the firm will be asked to vote over the coming weeks.
The firm has also increased the number of lawyers on secondment to clients from 30 to 50.
Pinsents managing partner David Ryan said: "Our profits have fallen, but the most important thing to us is retaining staff, which hopefully we can do through our flexi-working schemes. We have also invested in a strategic hiring as well as a new office in Dubai and new premises in Manchester and Scotland."
He added: "We are hoping for growth this year. It is right to be cautious at the moment but there is a fragile confidence in the marketplace."
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