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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's cash at bank increased by £13m compared to the 2006/07 financial year. Morland explained that this was due to increased billing at the year end and record profits, meaning that a larger amount of cash would have to be held in a tax reserve.
The taxes paid by the LLP, as opposed by the individual partners, more than doubled in 2007-08 from £2.9m to £7.1m.
Morland explained: "Obviously the tax structure is always changing as the percentage of business outside of the UK increases."
Ashurst's LLP accounts also reveal that the firm invested more than £7m in its tangible fixed assets in the 2007-08 financial year, which included roughly £3m of leasehold improvements and a £3m investment in computer equipment.
In the 2007-08 financial year Ashurst enjoyed record profitability, with average profits per equity partner rising 9 per cent to exceed £1m for the first time (TheLawyer.com,7 July 2008
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