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Our view....
In 2004 Pinsents teamed up with
construction specialist Masons to help it make a bigger splash on
the national scene.
Birmingham, which had always been the powerhouse of legacy firm Pinsent & Co,
has now been supplanted by London (which accounts for more than 40% or
the firm's global turnover). But it's still one of the leading firms
in the city and extremely profitable.
Pinsents had already staked its
claim on the Birmingham market by taking over the former Garrett's
Birmingham office, adding some useful, instant bulk. It then
re-organised themselves into six core client sectors (financial
institutions, manufacturing etc), abandoning the more traditional
practice area approach and instead focussing on high value work.
Though not many firms focus on low-value work, to be fair.
And it's worked. Turnover across the
firm has soared to £213million for 2007/2008, with equity partners
pulling in an average of £500,000 - just a whisker more than
arch-rivals Wragge & Co. The money seems to be trickling down to
the troops as well. Trainees can get a £5,000 bonus on qualification,
and associates get £10,000 if they bill 1950 hours.
Which may not be entirely easy:
insiders report that associates have to work hard but are far from
beasted. The firm's London office may have 24 hour secretarial
support, but there's nothing so undignified in Birmingham. Associates
say that while the firm may be "a little stuck in the past"
it's "supportive and friendly" which promotes from within
(some ten partners made up over the last three years) and does quality
work. "This is no monkey regional firm".
For more information on
Pinsent Masons click
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