International firm Pinsent Masons has posted slower growth in its latest annual results, with profit per equity partner rising by 2.2% in the year ending 30 April.
The increase took the firm’s PEP to £550,000 on the back of a 5.5% rise in revenues to £382.3m.
The modest rise follows a 32.8% jump in PEP to £538,000 and a 12% rise in turnover to £362.2m last year.
John Cleland (pictured), managing partner at Pinsent Masons, noted that the rise in profits came at a time when the firm was making ‘unprecedented levels of investment’ in the business.
Investments have included opening offices in Sydney and Melbourne, setting up an energy-focused office in Dusseldorf and acquiring a majority stake in Cerico, a cloud-based regulatory compliance software business.
Cleland said: ‘We have a good deal of momentum in the business and our focus now is on supporting clients based in the UK and elsewhere through what is likely to be a volatile and unpredictable trading period.’
He added: ‘The year ahead is hard to predict, however our strategic focus on industry sectors, international platform and broad practice mix means our business is exceptionally well-placed to help clients respond to what lies ahead.’
According to the firm, its advanced manufacturing and technology, financial services and infrastructure sectors contributed around 20% to global turnover, while energy and real estate sectors contributed around 12% each.
View our financial results table