City firm Ashurst has reported flat partner profits for its latest financial year, following a record surplus in 2021-22. Profit per equity partner (PEP) totalled £1,170,000 in 2022-23, down from £1,175,000 in the previous 12 months.

Ashurst stressed that the firm has seen an increase of 94% in PEP over the last seven years. The multinational firm reported revenues of £879m, up 10% on 2022 and an increase of 74% over the last seven years.

Paul Jenkins, global CEO, said: 'In the last financial year the firm has performed strongly, with our FY23 results marking our seventh consecutive year of revenue growth. We have grown significantly in the past seven years, with revenue growing 8% on average each year over that period, and growth accelerating in the past three years.’

The firm said it had seen notable uptick in its projects, energy transition & real estate and disputes, investigations & advisory divisions, and the digital economy transactions, financial regulatory and restructuring practices global divisions.

Demand for the firm’s NewLaw and legal-led consulting businesses generated revenue growth of over 25% and 60% respectively. Ashurst also established Ashurst Korea JV, becoming the first global firm permitted to practise Korean law since the legal market opened in 2011.

Ashurst said it invested in new office configurations which better support the way people work and connect. It launched a 2023 strategy to improve the efficiency of office space globally by 20% compared to 2019 levels. 

 

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