Partner profits have continued to surge at city firm Ashurst, which is celebrating its 200th anniversary and now its strongest financial performance to date. In the year ended 30 April 2022, profit per equity partner was up 13% from last year, at £1,175,000, while revenue grew by 12% to £798m.

The latest results mark a sixth consecutive year of financial growth for the firm, which is working towards reducing office space globally by 20% next year.

Paul Jenkins, chief executive, said: ‘A sharp focus on our strategy, priorities and goals in key areas of existing and emerging client demand has been core to delivering our FY22 results and ensuring consistent and sustainable growth. Over 85% of the firm's work is now done in our five key industry sectors – banks and private capital, real estate, infrastructure, energy and resources and the digital cconomy.

‘We have navigated as a firm through the immediate challenges of the pandemic. We are now seeing a new geopolitical and economic environment emerge - with rising inflation and interest rates, supply chain challenges, and an increasing focus on energy transition.'

He said that the firm has seen heightened activity in areas including regulatory advice, corporate transactions, finance, disputes and digital transformation. 'At the same time, demand has risen for our NewLaw and legal-led consulting businesses, with revenue growing by over 75% and 190% respectively, as our clients expect a more holistic approach to the delivery of legal services.’

The firm said it has introduced a 'landmark gender-neutral parental leave policy' and reset its diversity targets.