Ashurst reports 9 per cent dip in net profit to £187m

Ashurst’s net profit dropped nearly 9 per cent over 2014/15 to £186.6m, according to the firm’s LLP accounts.

The accounts, filed at Companies House, showed that net profit stood at £186.6m in the last financial year, compared to £204.8m after 2013/14.

Ashurst’s global turnover also dropped 4 per cent when reported in sterling, from £585.4m in 2013/14 to £560.9m. The firm previously said that it had posted a £3m rise in revenue to £561m, when accounting for movements in foreign exchange rates.

The number of people employed by Ashurst also decreased by 8 per cent from 2,898 to 2,651, with fee-earning staff headcount dropping by nearly 100 and other staff numbers falling from 1,406 to 1,252.

Overall staff costs went down over 2014/15 from £235.2m to £220.1m, as salary costs dipped below the £200m mark to £191.7m.

Despite this, net funds more than tripled over 2014/15, with £11.1m cash in the bank compared to £3.2m the year before.

The highest-paid member at Ashurst received £1.01m in 2014/15, down from £1.14m in the previous year.

The firm is in the process of searching for a new managing partner, after James Collis revealed he would be stepping down from the role this May.