The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Ashurst partners will be breathing a sigh of relief this week. The firm's financials - on profit at least - are strong. Average profit per equity partner (PEP) is up 23 per cent to £701,000. It had been a disappointing couple of years for the silver circle firm, which last year only managed 13th position in the PEP league table, with a frankly shoddy £567,000.
But turnover up by only 7 per cent is an oddity in a market where virtually everyone else is recording double-digit rises. Ashurst managing partner Simon Bromwich says that the rise was recorded on a static headcount and that he's confident that next year's turnover performance will be better.
Let's hope so: Ashurst has had a harder time growing its business compared with its peers. Last year, turnover inched up only 2 per cent and the two previous financial years' revenues were static.
But to get over £700,000 for average PEP will be a psycho-logical boost. It is, after all, all Freshfields managed last year.