Penningtons Manches Cooper announces 2023-24 financial results

Posted: 29/08/2024

Penningtons Manches Cooper has announced its financial results for the 2023-24 financial year. Total fee income increased to £112.2 million, a 5% rise on the previous year’s revenue, marking its 15th consecutive year of growth. Net profit was £17.2 million, with an average profit per equity partner of £440,000, up from £424,000 last year.

CEO Helen Drayton said: “We’ve made steady progress this year, in line with our expectations given some testing conditions in certain markets and the significant capital investments we’ve made to support future growth. Our disputes and specialist litigation teams performed very well, particularly in commercial disputes, marine, trade and energy, and real estate litigation. On the non-contentious side, our employment, construction, and IP, IT and commercial practices also achieved great results. I am particularly pleased with how our real estate division, one of our core divisions, outperformed the market to achieve creditable results despite low levels of activity in the sector.”

The firm’s standout matters this year include the Aercap insurance litigation, which goes to court in October, and the significant trademark win over anti-blood clotting medication rivaroxaban for Cipla, the India based international generic pharmaceutical company. In a significant legal victory for claimant class action teams, the firm also achieved success in the Court of Appeal in Morris & Ors v Williams & Co (Solicitors).

Helen added: “We expect to see those teams and sectors continue to make significant gains over the next year and are already seeing positive progress in several other areas too, particularly those with a transactional focus, in light of the anticipated tax changes in this autumn’s budget. I’m confident that our full-service business will continue to be a solid platform for sustainable growth and reflect the needs of our diverse client base.”

As part of its three-year strategic plan, the firm has made a number of important investments to support its ambitions over the medium to long term, and to ensure its processes and operations continue to meet rapidly evolving client requirements. These include the development and roll out of three major IT infrastructure projects; bespoke, client-focused business development training for partners and other senior lawyers – a strategic follow-on from its earlier client listening programme; plus an extensive refurbishment programme to modernise and reconfigure the workspaces and front of house areas across several offices.

The firm also continues to make targeted investments in senior lateral hires, which during the last financial year attracted partners across a diverse range of practice areas, including real estate, tech, insolvency disputes and shipping. Most recently, the Piraeus office and the private wealth group have also welcomed new partners.

Thanks to the resources it has dedicated to environmental sustainability, the firm recently received approval from the Science Based Targets initiative (SBTi) for its emissions reduction targets to achieve net-zero by 2040. The plans put it into the top 6% of the top 200 firms in the UK in this area; while 40 firms have committed to the SBTi to set science-based targets, Penningtons Manches Cooper is one of only 11, to date, to have received validation for near-term, long-term and net-zero targets.

Moving forward, the firm is officially bringing together its efforts in the areas of environmental sustainability, diversity, equity and inclusion (DE&I) and social impact under a responsible business programme, which will also allow it to support clients with their own development in these areas. The responsible business programme will ensure a co-ordinated approach to pro bono, volunteering and fundraising initiatives. It will also help drive the firm’s commitment to achieving its 2040 net zero target, as well as the continued development of DE&I and wellbeing initiatives, in the UK and internationally.

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