Pinsent Masons’ annual revenue edged higher in 2020 as it brushed aside a sharp fall in profit per equity partner to unveil a new set of metrics it believes better reflect the firm’s values and strategy than PEP.

The firm’s revenue for FY20 rose 4% to £496m even as its global business was hit by the coronavirus pandemic in the final quarter of the financial year. While PEP slumped 12% to £546,000, managing partner John Cleland said the firm was taking a broader approach to measuring success after revamping its business strategy last autumn.

Cleland said: “Our refreshed strategy commits us to measure and communicate performance and progress by reference to metrics that reflect our purpose and measure our impact on our colleagues, clients and communities. This means measuring—and valuing—much more than just revenue and PEP.”

He added: “The pandemic has accelerated a cultural and behavioural shift across the business community. We run the risk of alienating clients and future recruits by judging success primarily by reference to turnover and equity pay. Those are probably the two metrics our current and future stakeholders care about the least. It’s time to start the process by which we change that.”

The firm has outlined four metrics that it will measure itself against, including trust among colleagues, trust among clients, community and societal good, and what it calls ‘purpose-led business growth’.

For trust among colleagues, the firm points to its employee net promoter score of +35 and its top five ranking in the Stonewall Workplace Equality Index.

For trust among clients, it points to a 2019 survey by Acuigen that showed that 94% of clients would recommend the firm, while 92% of clients were ‘extremely’ or ‘very satisfied' with the standard of service.

The third metric of ensuring its business works for the communities in which it operates flags achievements such as reducing energy consumption across its UK network by 30% since 2014—beating its 2020 target by 20%.

In addition to revenue and PEP, purpose-led business growth includes the work it is doing from a CSR perspective, such as its Inspiring Young Lives programme that has “helped to make a difference to over 28,000 children and young people in FY20.”

Cleland added: “From a financial perspective, I would characterise FY20 as satisfactory given the disruption in a number of our markets.”