Ashurst reveals 23 per cent growth in PEP for last financial year

Ashurst has posted strong profits for the last financial year, with average profit per equity partner (PEP) up 23 per cent to £701,000 compared with last year's £567,000.

The results come on the back of a relatively modest growth in revenue to £214m, up 7 per cent on the previous year's figure of £201m.

Top equity partners at Ashurst will be earning £875,000 compared with £718,000 the previous year, while entry-level equity partners will make £350,000 - up from £287,000 in 2004-05, as revealed on www.thelawyer.com (13 June).

In a presentation to staff on 13 June, the management revealed that the rise in revenues was achieved on a static fee-earner headcount. Managing partner Simon Bromwich said: "We're confident we will deliver profitable growth across the firm this year, with a significant rise in income."

The results follow a year of quiet restructuring at the silver circle firm, which has seen a certain amount of culling in the partner ranks.

Ashurst sources said Paris and Madrid had achieved their best-ever revenue figures. In January, the firm revealed plans to expand outside the UK. Earlier this year, senior partner Geoffrey Green told The Lawyer that the firm was aiming for its overseas offices to generate at least a third of overall revenue.