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Global firm posts revenue and profitability increases
A global law firm has announced its financial results, revealing significant increases in total revenue and average profit per equity partner.
Emma Musgrave
Ashurst has revealed its financial results for the year ended 30 April 2017.
Paul Jenkins, managing partner of Ashurst, said globally the firm performed well throughout the year.
“We have seen a strong performance globally, with increased revenue and profitability. This is a pleasing result in context of the economic and political uncertainty in many of the markets in which we operate,” Mr Jenkins said.
“A consistent focus on driving revenue and lifting profitability across the firm overseen by the new management team has been extremely effective.”
Mr Jenkins noted there was particularly good growth in the firm’s projects and disputes businesses, with M&A activity especially strong in APAC.
“The firm has also benefited from the resurgence in the structured finance markets,” Mr Jenkins added.
“Overall, APAC delivered impressive results, in particular in Australia and China, and we have also delivered an excellent performance in the Middle East.
“Despite the Brexit-related slowdown in transactional activity in the first-half, we have also seen very encouraging levels of activity in the UK.”
Some of the high-volume activities coming from Ashurst’s Australian practice were its work in advising IFM Investors and AustralianSuper on the $16.189 billion acquisition of 50.4 per cent of Ausgrid, as well as advising Crown Resorts on the $1.9 billion sell-down of interests in Melco Crown Entertainment.
In addition to the strong results, Mr Jenkins said Ashurst has continued to invest in the business, making a number of strategic lateral hires and promoting 19 new partners from our associate team. Furthermore, he said the firm has successfully rolled out its new practice management system.
“There is very positive momentum and confidence in the business on which we will continue to build throughout the rest of the year,” Mr Jenkins said.
“By continuing to focus on our clients, efficiency and high performance, I have no doubt we will have another year of success and growth."
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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