Pinsent Masons in Scottish commitment as fee income rises 7%

Richard Masters, chair of Scotland and Northern Ireland: 'It has been a successful year for our Scottish offices'. Picture: Contributed
Richard Masters, chair of Scotland and Northern Ireland: 'It has been a successful year for our Scottish offices'. Picture: Contributed
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Legal heavyweight Pinsent Masons has reported a 7 per cent hike in turnover and hailed a “successful” year for its Scottish business which employs more than 500 people.

The firm’s unaudited financial results for 2018-19 show that global turnover increased by 7 per cent to £482 million. Scottish turnover has been estimated at £77m, which is also a 7 per cent rise on the year before.

Richard Masters, chair of Scotland and Northern Ireland, said: “It has been a successful year for our Scottish offices as we continue to secure mandates from global clients to advise on some of the most complex and valuable corporate deals which take place in Scotland, in addition to advising Scottish-based businesses with international operations.

“In the next 12 months we will seek to consolidate our position as the leading international legal firm and have set down a marker for growth in 2020 and beyond with our commitment to taking up significant office space in Edinburgh’s Exchange District.”

The firm, which merged with Scottish practice McGrigors in 2012, employs nearly 3,000 people worldwide, including around 1,500 lawyers and 400 partners. Its international footprint encompasses seven offices across Asia Pacific, two offices in the Middle East, five offices in continental Europe and one in Africa.

Last year, Pinsent, which employs 560 partners and staff across Glasgow, Edinburgh and Aberdeen, committed to the lease of 25,000 square feet of office space in Edinburgh’s Capital Square development, which it expects to occupy next autumn.

Key mandates completed in the last 12 months included advising on the £1 billion development of 3,000 new homes in Winchburgh in a joint venture by Winchburgh Developments, Sir Tom Hunter’s West Coast Capital and housebuilder Cala Homes.

Corporate and energy specialists acted in the £50m sale of a portfolio of offshore wind farms by Scottish Equity Partners and in Ithaca Energy’s bumper £2bn acquisition of Chevron’s North Sea oil and gas assets.

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. At the same time, we’re concentrating not just on what we do, but how we do it.

“We want to grow and be successful, but do so in a way that makes a positive impact on our clients, our people and the communities in which we operate.”

In January, the firm announced plans to open its third German office, in Frankfurt.