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Ashurst’s corporate practice missed budget by around 20 per cent for the last financial year, dropping to around £60m.
This represents a total fall of 40 per cent on the £100.3m the practice group generated in the 2007-08 financial year.
A London-based Ashurst partner said: “Private equity has clearly been very quiet and this is a major part of our practice. Other areas are now picking up, including equity capital markets, but last year was obviously very slow for everyone.”
During the past year the firm advised William Hill on a £1.2bn rights issue and refinancing.
Last month (27 May) TheLawyer.com reported that Ashurst’s global revenue suffered a 7 per cent drop in 2008-09, down from £323m the previous year to £301m.
The firm is yet to announce its 2008-09 average profit per equity partner figure.