Meanwhile Linklaters and Taylor Wessing unveil mixed financial fortunes
Ashurst has enjoyed an improvement on last year’s disappointing financial results, according to new figures released by the firm this week.
This silver circle outfit confirmed that revenue climbed by £36 million (7%) to £541 million, up from £505 million the previous year when the firm recorded a 10% decrease.
The firm’s profit per equity partner (PEP) is also on the up. The latest results — which cover the year ending 30 April — show PEP stands at £672,000. This is an 11% rise on last year’s £603,000 figure. This modest increase will come as welcome news to Ashurst partners who last year saw their PEP plunge from £747,000, a drop of 19%.
Ashurst will hope that this year’s results, although not a full return to financial form, will signal the steadying of the ship.
The firm — which merged with Australian outfit Blake Dawson in 2013 — has seen a number of its top lawyers head for the exit in recent months. Anglo-German giant Freshfields Bruckhaus Deringer snapped up five of the firm’s partners at the start of the year, while US firm Gibson, Dunn & Crutcher hired a further five Ashurst lawyers (including one partner) just several months later.
Commenting on the results, Paul Jenkins, managing partner of Ashurst, said:
We have seen a strong performance globally, with increased revenue and profitability. This is a pleasing result in context of the economic and political uncertainty in many of the markets in which we operate. A consistent focus on driving revenue and lifting profitability across the firm overseen by the new management team has been extremely effective.
Elsewhere, magic circle titan Linklaters has revealed record revenues of £1.4 billion, up 10% on the previous year’s result. PEP at the Silk Street outfit is also on the up. This now stands at a cool £1.57 million, a rise of 8% on the £1.46 million recorded last year.
Commenting on the figures, Gideon Moore, Linklaters’ firmwide managing partner, said:
The firm has performed well again this year, against a backdrop of global macroeconomic uncertainty, achieving a 1.7% increase in income at constant currency. Our performance has been driven by the efforts of our people, our deep client relationships and our sector focus.
Finally, Taylor Wessing’s latest financials reveal a year of mixed fortunes. UK revenue levels are up a modest 1.8% to £129 million, but PEP — which stood at £512,000 last year — is down 6% to £481,000. The firm’s UK profit for the year was just over £49 million, while the global net income stood at just under £100 million.
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