Ashurst predicts 28.5 per cent turnover rise

Ashurst is forecasting a storming year-end with preliminary results indicating an astounding 28.5 per cent rise in turnover at its financial year-end.

Turnover now stands at £275m, The Lawyer can exclusively reveal. This is a massive improvement on last year’s figure, when revenues rose by only 6 per cent on the preceding year.

Managing partner Simon Bromwich told The Lawyer: “It’s been our best year across every jurisdiction. Every office and practice area has performed very strongly.”

The last financial year has seen Ashurst move into Sweden as well as capitalising on the M&A boom. It has landed some choice instructions on mega-deals including advising Russian aluminium giant Rusal on its three-party £16bn merger with Linklaters’ clients Sual and Glencore.

Its private equity team has also performed well. In the last financial year, it acted on 34 deals in Europe worth €26bn (£17.7bn) according to data from mergermarket, putting it in fifth place ahead of Simpson Thacher & Bartlett.

Turnover is the only available figure from Ashurst at the current time. Last year, average profits per equity partner (PEP) leapt by 23.6 per cent to £701,000. It would only take an increase of 14.3 per cent for Ashurst’s PEP to break the £800,000 barrier this year.

The firm’s equity partnership has also shrunk on this time last year. At the end of the 2005-06 financial year, there were 130 equity partners at Ashurst compared to 120 today. But the overall partnership numbers have increased from 152 to 179.

Bromwich said: “During the last 12 months we have recruited 16 laterals, promoted 20 new partners and launched our office in Stockholm. We are delighted by the significant increase in revenue – it has been an excellent team performance across the firm. The outlook for 2008 is very promising.”