Results released yesterday by Ashurst show a 10 per cent drop in revenue to £505m and a 19 per cent tumble in profit per equity partner from £747,000 to £603,000 for the last financial year, marking the second consecutive year of contraction at the firm. When combined with the single-digit drops recorded last year, turnover has fallen 14 per cent over the last two years at Ashurst and PEP has slumped almost 25 per cent. According to a statement from the firm, revenue was down just 5 per cent to £533m on a constant currency basis, with a weakening of foreign currencies against the pound placing a drag on results. ‘We’re not where we want to be,’ conceded chairman Ben Tidswell to The Lawyer, adding that slowdowns in China and in the oil and gas sector had hampered Ashurst’s ‘ambitious’ plans for the year.
Sources: Legal Week; The Lawyer; Legal Business
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