Ashurst has hailed its “strong financial foundation” after reporting an 11% increase in revenue to £1.15bn ahead of its merger with US firm Perkins Coie.
Profit-per-equity (PEP) partner at the Anglo-Australian firm jumped by 15% to £1.59m for the year ended 30 April.
The results, which kick off the financial reporting season for the top UK firms, mark an acceleration of Ashurst's growth from last year, when revenue grew by 8% and PEP by 4%.
The firm pointed out that it has achieved 10 consecutive years of revenue growth, with turnover increasing by an average of 9% annually and PEP growing by an average of 10%.
CEO Paul Jenkins said: "We are now on the cusp of our combination with Perkins Coie, and these strong results mean that we are well-positioned from day one to continue our growth trajectory. A strong financial foundation, underpinned by a clear and well-developed business case, puts us in a very strong position for the next stage of our journey as Ashurst Perkins Coie.”
The firm reported particularly strong revenue growth in the Middle East (33%), the US (18%), and continental Europe (17%). Growth in its UK stronghold was 12% while it said its fee income in Australia had been impacted by exchange rate movements, but stood at 10% on a like-for-like exchange rate basis.
In terms of sectors, the firm highlighted a 21% increase in its UK disputes, investigations and advisory division’s revenue, while the global corporate transactions and finance, funds & restructuring division both recorded 15% increase in income.
Ashurst said it had already exceeded its 2027 target for 85% of its revenue to be generated by its six priority sectors: banks, energy, infrastructure, private capital, real estate and technology.
With leading law firms upping their investment in technology, Jenkins was keen to underline the firm’s achievements in this arena, pointing out that usage of the firm’s AI and tech-enabled services, which are provided by its Ashurst Advance arm, had increased by more than 50%. This positions us well to remain ahead in a rapidly evolving legal market and to deliver greater value for our clients,” he added.
In strategic terms, Ashurst’s financial year was dominated by its agreement to merge with Perkins Coie, a deal that was approved by partners at both firms in April and will create a firm with more than 3,000 lawyers across more than 50 offices and revenue in the region of $2.8bn. It is expected to close in Q3 of 2026.
Jenkins is set to become the merged firm’s co-CEO alongside Perkins Coie’s managing partner, Bill Malley.
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