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Ashurst records 12% revenue increase
BigLaw firm Ashurst has experienced its sixth year in a row of growth, with a 12 per cent increase in revenue to almost £800 million, driven partly by “high levels of activity” in Australia and from its Australia-based risk advisory business.
Jerome Doraisamy
Ashurst has released its financial results for FY22, for which the firm said it saw “strong results” and “extraordinary growth”.
Profit per equity partner rose to £1,175,000 ($2,039,700), up 13 per cent from last year.
The news follows the release of FY22 results by Clifford Chance, which saw equity partner profits rise by 10 per cent, Herbert Smith Freehills, which recorded close to $2 billion in revenue, and Pinsent Masons, which saw a PEP increase of 16 per cent.
Ashurst global chief executive Paul Jenkins said he was “delighted” with the results, noting it was the firm’s “strongest financial performance to date”.
“A sharp focus on our strategy, priorities and goals in key areas of existing and emerging client demand has been core to delivering our FY22 results and ensuring consistent and sustainable growth. Over 85 per cent of the firm’s work is now done in our five key industry sectors — banks and private capital, real estate, infrastructure, energy and resources and the digital economy.
“We have navigated as a firm through the immediate challenges of the pandemic,” Mr Jenkins continued.
“We are now seeing a new geopolitical and economic environment emerge — with rising inflation and interest rates, supply chain challenges, and an increasing focus on energy transition. Ashurst has seen heightened activity in areas such as regulatory advice, corporate transactions, finance, disputes and digital transformation.
“At the same time, demand has risen for our NewLaw and legal-led consulting businesses, with revenue growing by over 75 per cent and 190 per cent respectively, as our clients expect a more holistic approach to the delivery of legal services.”
In the firm’s Australian office, Ashurst saw a “double-digit revenue increase”. In particular, the firm said, the Australian corporate division and risk advisory consulting business drove strong performances across the country.
That consulting business, the firm said, “has led to significant growth both in terms of headcount and client demand, including the appointment of nine partners to the risk advisory consulting business since 2021 bringing the total team to around 100 people”.
Elsewhere, the firm’s NewLaw division, Ashurst Advance, grew to 8 per cent of global production hours, and Ashurst Advance Digital has seen a 75 per cent increase in the number of client matters supported, 47 per cent increase in the number of clients supported and 55 per cent increase in direct revenue.
Looking ahead, Mr Jenkins said: “As Ashurst marks its 200-year anniversary in 2022, we are in a strong position to embark on our third century.
“We have ambitious growth plans for the firm, a clear strategic direction, purpose and vision. Given the strength of our culture, our global platform and the commitment of our people I am confident we will have another year of success and growth. We are looking forward to putting in place our 2027 strategy and to continuing with our growth trajectory.”
Ashurst global chair Karen Davies added that the last financial year has seen the firm continue its focus on creating a fair and inclusive environment.
“Recruiting, retaining and promoting the best people from the widest talent pools plays a key role in the success of our firm. To do that we need to create a fair and respectful environment for all,” she said.
“We have a well-diversified business and the successes of the past year is a testament to the distinctive culture and fantastic people we have at Ashurst who contribute to and drive the delivery of the firm’s strategic ambitions.
“Looking to the future, we are committed to further enhancing the client experience at Ashurst.
“By continuing this focus on our clients, efficiency and high performance, I am confident we will build on our achievements and deliver market leading solutions for the benefit of our people, our clients and our communities.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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