John Cleland, Managing Partner at Pinsent Masons

Pinsent Masons has recorded its first fall in profit per equity partner (PEP) since 2013, with the figure decreasing by £33,000 (5%) in 2018-19 to £620,000.

The firm nevertheless reported a 7% increase in its global turnover to £482 million. The latest results mean the firm has boosted its overall turnover by more than 55% in the past five years.

The City firm cited the need to ring-fence significant funds for further investment in areas including IT and cybersecurity as one of the core reasons for the decline in PEP.

Pinsents also posted a modest 2.5% hike in gross profit, rising to £192.4 million for the year, a spokesperson at the firm confirmed.

Commenting on the results, John Cleland, managing partner at Pinsent Masons, said: "The past year has been one of unprecedented change and complexity for our clients. Our partnership is continuing to focus on making the investments that enable us to help clients respond to that trend.

"We're continuing the transformation of our business from an expertise-based law firm into a modern, international professional services business with law at its core."

Speaking to Legal Week, Cleland cited ongoing global tariff wars and geopolitical tensions in the Middle East as the main macroeconomic issues for the firm's practices and international strategy.

Pinsents also disclosed that it had expanded its partnership by 4% during the course of the year, bringing its total to 446 globally. However, the firm also saw a number of high-profile departures to rival firms such as CMS, Osborne Clarke and Addleshaw Goddard.

Major work during the course of the year has included representing Google in a £3 billion class action on behalf of about five million individuals; collaborating with BCLP and Heathrow to support the expansion of the U.K. airport; and acting for AJ Bell, one of the largest UK investment platform providers, on its IPO.