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Firm reveals Aussie growth and partner profits
An international firm’s Australian partners have seen a 31 per cent increase on their pay packets compared to last financial year, with each equity partner pocketing, on average, $1.74 million (£972,000) in profit.
Grace Ormsby
In a statement announcing its revenue for the financial year that ended on 30 April 2019, Ashurst revealed the figure as a jump from last year’s international annual average take-home profit of $1.33 million (£743,000) per partner.
This was an increase of 14 per cent on last year’s overall revenue of $1.01 billion (£564 million).
Ashurst’s Sydney-based global managing partner, Paul Jenkins, said the firm has delivered a strong level of performance in the last financial year, with growth across all regions and divisions.
Calling the firm’s financial results “pleasing”, Mr Jenkins noted Ashurst as placing significant emphasis on achieving sustained revenue and profit growth.
“We have maintained a strategic focus on clients and sectors, as well as remaining disciplined in driving a collaborative and high-performance culture,” he commented.
“Our strategy of focusing on five key sectors has also been very successful in driving revenue.”
Over the last financial year, the managing partner said they had seen “particularly strong performance in infrastructure, energy and resources and real estate globally”.
With regard to the new financial year and beyond, Mr Jenkins noted “the transformation in the legal services market is accelerating, and ensuring that we adapt our delivery model to provide the best client service remains a high priority”.
He said the international firm has seen “a notable increase in the volume of business performed by our Ashurst Advance platform and we continued to broaden our offering with a collaboration with Cognia Law”.
“We also expanded our platform in launching Ashurst Digital Ventures to provide technology-led solutions to clients and opened our legal and business services delivery centre in Brisbane,” he continued.
“Our sustained focus in the last year has delivered for the firm, our people and our clients.”
The partner continued: “We have entered FY20 with positive momentum, a great belief in the strategic direction of the firm and determination to deliver on our current and future priorities.”
Looking back over the previous financial year, the firm flagged its representative mandates as including its advice given to ANZ on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, its work with Nine Entertainment on the acquisition of Fairfax Media Limited, and the provision of advice on all aspects of Phoenix Energy’s development and project financing of the Kwinana waste to energy facility.
