Ashurst partner profit exceeds £ 1million for first time since financial crisis
City law firm Ashurst has disclosed average profits of over £ 1million for its partners for the first time since 2008 thanks to a booming transaction practice.
The Anglo-Australian company increased its profit per partner to £ 1.04million as of April 30, up 15% from the previous year.
Ashurst increased turnover to £ 711million, a 10% increase from the previous year.
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The company went through a difficult financial crisis and struggled following its 2013 merger with Australian firm Blake Dawson, with financial partner profits falling to £ 603,000 in 2015-16.
However, under the leadership of Managing Partner Paul Jenkins, the company turned around its financial performance, increasing revenues by 40% over the past five years and earnings per equity partner by 72% over the same period. .
Talk to Financial newsJenkins said the company’s success was based on its focus on five key sectors of banking and private capital, energy and resources, infrastructure, real estate and the digital economy.
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Jenkins said demand continued to be strong after the end of the year “with strong business activity, strength in areas related to finance, including funds, and a lot of work on the resolution side. disputes “.
In terms of future growth, Jenkins said the United States continues to be “the missing piece of the business puzzle,” but said there was “nothing to report at this time” on the company’s transatlantic plans.
Other law firms that have reported results in 2021 so far include Allen & Overy, which increased Pep by 17% to £ 1.9million and revenue 5% to 1.77 billion sterling, and Clifford Chance, who increased Pep 9% to £ 1.85million and his earnings by 1%. to 1.83 billion pounds sterling.
To contact the author of this story with comments or news, email James Booth