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Ashurst’s average profit per equity partner (PPP) has tumbled by 11.7 per cent on unchanged turnover for the last financial year.
The firm released figures today (26 July) showed that PPP dropped to £521,000 for 2003-04 on £590,000 for the last financial year. Gross was unchanged at £197m.
The hit on the bottom line translated into a severe fall at the top and bottom of equity. Plateau partners saw their income drop by 14.9 per cent to £681,000 compared to £800,000 in the previous 12 month. At the bottom of equity, figures fell by 14.7 per cent to £273,000 compared to £320,000 in 2002-03.