Marking its sixth consecutive year of revenue growth, Ashurst has reported a robust set of financials headlined by a 12% jump in turnover from £711m to £798m.
Profit per equity partner (PEP) was also up by a significant rate, growing 13% from £1.038m to £1.175m. According to the firm, revenue and PEP have grown respectively by 8% and 12% on average each year over the last six years.
Mirroring the buoyant results reported by peer firms in the last couple of weeks, Ashurst saw consistent growth across all jurisdictions and practice areas. According to chief executive Paul Jenkins (pictured), the firm’s UK ‘engine room’ was up by double digits, with similar rates of increase across Australia, continental Europe and the US.
US growth, notable given Ashurst’s recent expansion into Texas, was at ‘over 15%’ according to Jenkins. On the prospect of further openings or tie-ups, Jenkins told Legal Business: ‘At the moment our focus is on our infrastructure business and further developing our key areas of sectoral strength such as private capital, financial institutions, energy transition and digital transformation. We continue to look at all opportunities in terms of how we achieve more growth there, and I expect that to form part of our 2027 strategy.’
Jenkins expects Asia to be a focus of investment over the next 12 months, with the firm ‘looking at opportunities’ following growth in Singapore, Greater China, Shanghai, and the Middle East.
In terms of sectors, Ashurst said that over 85% of the firm’s work is derived from its focus industries: banks and private capital, real estate, infrastructure, energy and resources and the digital economy. On the practice area front, Jenkins highlighted the performance of Ashurst’s corporate division. A standout mandate from the past year was the firm’s representation of WM Morrison on its £7.3bn takeover by PE house Clayton, Dubilier & Rice, led by the London office.
Ashurst is ambitious about its New Law arm, Ashurst Advance, which has seen growth from 3% of global production hours to 8% since 2019. Jenkins has set a target to get to 10% in production hours in the near future.
And on potential headwinds, Jenkins concluded: ‘Conditions will undoubtedly be more challenging, and firms will need to adapt. But we have a well-hedged, diversified business from both a practice and office perspective, so we remain confident.’
