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Ashurst has reported a turnover drop of just under 3 per cent for the 2009-10 financial year, with the total falling from £301m in 2008-09 to £293m.
At the same time the firm’s average profit per equity partner (PEP) figure rose by just over 2 per cent, from £673,000 to £689,000. The equity spread was £362,000 to £940,000. As the number of equity partners at the firm remained flat at 144, net profit came in at £99.2m, giving a profit margin of 33 per cent.
Managing partner Simon Bromwich said the figures were encouraging.
“It’s obviously been a tough year but it got better as it went on and that trend is continuing,” he said. “I don’t think we’re expecting any vast changes in the next few months and I feel pretty good about the shape the practice is in.”
Bromwich said that geographically Ashurst’s Hong Kong office was the firm’s busiest over the past few months, adding that the Gulf remains “tough”.
He added that the firm’s US arm, which launched when a group of partners joined from McKee Nelson last year (24 February 2009), had generated revenues of £10m in its first full year, despite “shocking” markets.
In terms of practice areas, Bromwich said that corporate had a particularly good year with revenues rising by 10 per cent.