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Penningtons Manches Cooper announces 2022-23 financial results

Posted: 16/08/2023

Penningtons Manches Cooper has announced another year of stable growth to see total revenue increase to £106.7 million, a 5.5% rise on the previous year’s results. Net profit was £17.7 million, with an average profit per equity partner of £424,000, up from £400,000 last year.

CEO Helen Drayton said: “We’re pleased with the progress that we have continued to make over the last 12 months: achieving consistent growth across all four divisions against an uncertain economic backdrop is very encouraging and speaks to the talent and hard work of our teams. We remain a sensibly hedged business that can weather instability and last year’s solid performance means we have a robust platform for the year ahead.” 

A significant driver of the firm’s continued growth is its commitment to investing in specialist talent that further develops the breadth and depth of the business. It promoted eleven individuals to the partnership at the beginning of the financial year, and went on to appoint a further eight lateral hires at partner level: 

John Zadkovich joined the Singapore office as a partner, boosting the firm’s specialist energy and natural resources sector group. The corporate practice welcomed partners Adam Carling, a specialist in M&A and ECM, and Mona Patel, an M&A expert with significant expertise in the shipping sector. John Adams, an experienced insolvency partner, joined the commercial dispute resolution team.

The appointment of Emma Willing to the family practice raised the total number of family partners to 15, making it the largest department amongst its top ranked peers. Elsewhere, partner Sanjeev Shah joined the social housing team to deepen its existing capabilities, partner Alison Hills was appointed to head up the pensions practice, and Claire McNamara, the firm’s head of knowledge, became a partner in the best practice team and serves as a member of the firm’s strategy board. 

The current financial year has so far seen a further three lateral partner hires – corporate tax partner Oliver Gutman and real estate partners Andrew Mellor and James Gooch, as well as six internal partner promotions. 
Helen commented: “Alongside our top-line growth and the success of our legal teams, I am also proud of our ongoing efforts to make Penningtons a great place to work.”

She added: “Inclusion is a key area of focus for me and we will continue to develop the initiatives we have put in place that are driving positive change. One of these is our EMpower programme, exclusively focused on students from a Black heritage or ethnic minority background - following last year’s successful launch, we were delighted to welcome a second cohort of brilliant students this spring.  

"It was also great to see our charitable foundation partner with the Social Mobility Foundation to launch a tuition fees grant for students from low income families, and to be awarded Stonewall’s Bronze Award for our continued progress as an LGBTQ+ inclusive employer. 

"We continue to make positive progress on sustainability and our transition to net zero. We have just been awarded the Planet Mark for the fifth consecutive year, reporting a total carbon reduction of nearly 5%, and we have recently signed the Greener Litigation Pledge, and a separate commitment with the Science Based Targets Initiative (SBTi). We also continue to see an encouraging uptick in the number of clients seeking our support as they navigate their own sustainability journeys.”

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Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority under number 419867.

Penningtons Manches Cooper LLP