Ashurst posts double digit revenue growth in 2020/21 as PEP rises to £1m
Revenue has now increased by 40% over the past five years
Ashurst posted a rise in both revenue and profit per equity partner over the past financial year, shrugging off the early impacts of the coronavirus pandemic on its business.
The firm saw firm-wide revenue edge up 10% to £711m in the 12 months to the end of April, while PEP rose 15% to just over £1m. That continues an upward trend for Ashurst, which has grown revenue by 40% over the past five years and PEP 72% over the same period.
Paul Jenkins, Ashurst’s global managing partner, said: “While some practices and markets during the early part of the financial year were impacted by the pandemic, we continued to support clients as they navigated ongoing challenges and the firm experienced strong trading performance from the end of Q1 which produced a very good set of full year results.”
He added: “A consistent focus on our strategy and goals over the last five years, together with longer term planning, has allowed us to successfully achieve sustainable revenue and profit growth.”
The firm’s strategic focus on Europe and Asia saw both regions deliver double-digit growth, with Germany, Paris, Luxembourg and Singapore standing out. The firm also noted strong performance in its corporate practice, particularly in the UK, Germany and Australia boosted by a resurgence in M&A activity.
Jenkins said: “Continuing to invest in the business and progress our strategy has been a key focus in the last financial year and has ensured we now have an even stronger market position. The strength of the business and our attractive platform is reflected by the calibre of the 26 lateral partners hired in the last year.”
Ashurst has also been accelerating its agile working plans, embracing a hybrid working model where staff will be expected to spend roughly 60% of their time in the office and 40% working remotely. Those changes will see the firm reduce office space globally by around 20% by 2023, with the savings to be invested in technology and improving its facilities.
The firm also continued integrating its traditional legal services with its NewLaw business Ashurst Advance and its legal consulting business Ashurst Consulting.
Jenkins said: “Client demand for legal excellence combined with world class efficiencies and technological solutions saw yet another robust year for Ashurst Advance. Ashurst Consulting exceeded expectations in its first year of operation with our revenue doubling every quarter, and we are aiming for it to expand into other jurisdictions over the year ahead.”