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Ashurst records ‘solid’ revenue growth for Australia in FY23–24
On its way to achieving more than £1 billion in profits by the next financial year, global firm Ashurst recorded a 14 per cent increase in partner profits and a “solid” revenue boost across its Australian offices.
Naomi Neilson
In its annual financial report, Ashurst, a firm founded in the United Kingdom, recorded a 9 per cent revenue growth to £961 million, or A$1.85 billion, for the financial year ending April 2024.
Global CEO Paul Jenkins said these figures put the firm on track “to have our first year of revenue above £1 billion” by April 2025.
“This reflects the focus and commitment of our people, the trust of our clients and the successful execution of our 2027 strategy,” Jenkins said.
“We are centred on our priority industries, practice areas and markets, combined with the delivery of integrated solutions that bring together teams across legal and consulting services with our NewLaw capability.”
Ashurst said there was strong performance across all regions, with the United Kingdom, the United States and the Middle East achieving a double-digit revenue growth of thirteen, 18, and 17 per cent, respectively.
Australia had a “solid” year with a 7 per cent revenue growth that rose to 17 per cent once exchange rates were factored in.
As for its divisional and industry performance, Ashurst recorded Australia’s corporate sector rose 15 per cent, following closely behind France at 28 per cent and Singapore at 47 per cent.
The Australian results come just weeks after Ashurst’s latest promotion round, in which 76 staff were promoted across the country.
Ashurst added that its energy and resources sector delivered 23 per cent of the total revenue, followed by an 11 per cent increase within the projects and energy transition business and a 10 per cent increase within the disputes, investigations and advisory sector.
The firm also recorded progress in its inclusion, diversity and belonging goals, sustainability initiatives, and pro bono work.
Its 40/40/20 global gender target has gotten closer, with 34 per cent women partners and 32 per cent women in senior leadership.
Within Australia, this gender commitment has made Ashurst one of the few firms with a gender pay gap below the 16.7 per cent average.
The firm recorded 65,500 hours of pro bono work on 683 matters.
Karen Davies, global chair, said the results demonstrated Ashurst’s ability to “deliver exceptional value” to clients.
“We will continue to invest in our people and nurture our culture.
“They are the foundation of our success and allow us to grow the firm in a sustainable way that attracts and retains the best that the legal industry has to offer,” Davies said.
Jenkins added that clients, people and communities “will always be our primary focus, and both strengthening and finding new ways for closer collaboration will help us deliver our goals”.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
