The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
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.
According to LLP filed at Companies House, the top-earner was paid just under £1.1m during the 2009-10 financial year. It is understood that the partner was not at the top of the equity, which stood at £940,000 at the end of the last financial year. The figure would have been boosted by compensation paid after the partner left the firm.
In the 2008-09 year, the top earner at the City firm took home £931,000.
Meanwhile, overall staff costs at the firm rose slightly from £120m in 2008-09 to £122m last year. The increase came despite a drop in the average number of legal and support staff at Ashurst, from 1,668 to 1,634.
Net funds held by the firm at the end of the financial year were cut by nearly half, from £46m to £24m, partly as a result of outstanding tax liabilities.
Finance director Nigel Morland said: “We’ve been saving cash to meet the tax liabilities that fell due last year. Plus, we were careful generally on cash and we continue to operate without any borrowings.”
Total revenue in 2009-10 fell by 3 per cent from £301m to £292m with operating profit suffering a 5 per cent decline - from £104m to £99m.