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Mergers can do wonders for your profitability if you play them right. Of all the law firms that boasted a growth in profit per equity partner (PEP) this year, not one came close to touching the 70 per cent leap posted by Pinsent Masons.
The equity partners of the merged Pinsent Curtis Biddle and Masons are now pulling in pound 400,000 in profit, compared with pound 234,000 last year. Turnover is also on the rise, up pound 22m, or 15 per cent, to pound 172m.
From these figures it would appear that Pinsents plus Masons automatically equals rocketing profit - but success is rarely so simple. It has taken both firms some time to get the most out of the tie-up. Six months after the December 2004 merger, Pinsent Masons' figures were disappointing. At pound 234,000, PEP was lower than at both Pinsents or...