Pinsents posts half-year revenue drop of 7%

Pinsent Masons has posted a drop of nearly 7% in revenues for the first half of 2009-10, joining the likes of Berwin Leighton Paisner (BLP), Allen & Overy (A&O) and Simmons & Simmons in seeing turnover dip.

The national firm saw revenues for the six-month period drop by 6.9% to £98m - in line with the firm's expectations.

Managing partner David Ryan (pictured) said: "Last year we had a very strong first half, so are not surprised revenue is down against that period. So far the year is going pretty much as we had expected. Activity is slowly picking up and we anticipate a stronger second half, though we are not counting on a speedy recovery in the economy."

For 2008-09, Pinsents saw revenues remain almost static at £215m, although this result came against a 36% plunge in profits per equity partner to £310,000.

Pinsents recently withheld two quarterly partner distributions, attributing the "profits distribution holiday" to a series of management responses to the recession. The firm is due to make its next quarterly payment as planned in December.

Pinsents' results make it the latest in a stream of firms to report falling revenues at the half-year point. BLP saw turnover dip by 5% to £79.8m, while A&O saw fee income drop by 7% to £511m.

Simmons has posted the largest decrease in half-year revenues to date, seeing turnover fall by 16% to £120.3m.

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