Pinsent Masons has posted a 6% turnover rise for 2017-18, after a year in which Brexit-related work helped drive what managing partner John Cleland described as a "step change" for the firm's financial services practice.

Pinsents saw global turnover rise from £423.1m to £449.8m, alongside a 4.4% increase in profit per equity partner (PEP) to £653,000, as well as a 10% increase in fees billed.

The firm said 90% of its global revenues were generated from clients operating within the firm's five key global sectors – advanced manufacturing and technology, financial services, infrastructure, energy and real estate – up from 85% in 2016-17.

After an 11% revenue rise in 2016-17, this year's uptick in turnover represents a slight levelling-off, but Cleland said he was satisfied with the results, which reflect a sustained period of investment across the firms global offices, most notably in Germany, Australia, Ireland and Spain.   

In August 2017, following its move into the Australian market in 2015, the firm recruited four construction and engineering partners from Norton Rose Fulbright for its new base in Perth.

Meanwhile, in Dublin, it launched a technology and financial services practice, and in Madrid expanded its partnership to 10. In May this year, the firm brought in Eversheds Sutherland Middle East infrastructure and energy partners Tim Armsby and Gurmeet Kaur. Overall, during the past 12 months the firm has promoted 23 lawyers to partner and made 30 lateral hires across its 24 offices around the world.

Cleland said that improving profitability during a period of heavy investment was an "excellent result".

"The aim is to be an international market leader in our five global sectors, and we seek to grow across all of these sectors. Our growth so far has been driven internationally, especially in Germany and Australia," he said. "Over five years, we have achieved 40% turnover growth and 60% profit growth. It's been pleasing to push the numbers in the right direction while continuing to expand."

Recent developments – such as the introduction of MiFID II earlier this year, alongside the looming Brexit deadline – have been a boon for the firm, generating disputes and transactional work, particularly within financial services.

"Each of the five sectors has experienced growth. But, owing to ring-fencing, digital disruption and Brexit, financial services has undergone a step change. And we've seen a lot of work out of this – our revenues have improved 20% year-on-year," said Cleland.

On navigating such unknowns as Brexit, he added: "For us, we tend to look after things that are important to us and hope that that feeds into our growth and profitability. It's about continuing to do the things we're good at and doing them well, but also anticipating the direction of the market where we can."

The past year has seen the firm take lead roles in matters such as the investigation into the data breach at Dixons Carphone, and advising the BBC on its settlement with Appleby over the 'Paradise Papers' leaks. And in May, EDF Energy reappointed the firm to its UK legal panel, despite cutting the number of firms from 14 to eight.

Cleland also pointed to areas outside of the five global sectors that he sees as equally essential to the firm's overall growth strategy.  

"There has been a real appetite for developing new law services – demonstrated by our acquisition of diversity and inclusion consulting company Brook Graham, as well as our expansion of [flexible lawyering service] Vario into Australia and Singapore – and we've invested in both of these services.

"We've also brought in new colleagues, including data analysts and computer scientists. It really reflects a change in the make-up of our workforce. It shows how our services have extended far beyond black letter law."

Since becoming managing partner in 2015, Cleland has overseen a £67.5m increase in total global growth from £382.3m to £449.8m.

On his expectations for the next 12 months, he said: "We expect to bring in new clients across all of our sectors, in all of our offices. For example, our offices in Madrid and Dublin will enable us to attract new and different types of clients. We will also look to continue taking advantage of our expansions into Germany and Australia."