Internal promotions

Laterals

Intake as percentage of partnership 2005-06: 11

New female partners as percentage of intake 2005-06: 24

Equity structure: 129 equity partners, 20 non-equity partners

Practice area(s) most heavily promoted: Corporate, competition, employment

Ashurst’s partnership is growing fast, with plenty of new-blood laterals. In 2003-04, the firm gained 17 partners. That number dropped to 10 in 2004-05, and was back up to 17 in 2005-06. That drop was accounted for by the drop in laterals as Ashurst has consistently made around 10 internal promotions a year.

Unsurprisingly for a firm which has at least 75 per cent of its turnover in London, the UK has been the focus. It accounted for nine new partners out of a total of 17 in 2003-04; the proportion dropped the following year to three out of 10, but in 2005- 06 it was back to taking the lion’s share again, with 11 out of 17.

Corporate dominates. In 2005-06 Ashurst made up four London corporate partners, with no laterals out of the total of 17 new partners.

Finance (broadly defined as including banking, structured finance and financial institutions, plus projects/ infrastructure) is the other major growth area, although historically it has relied heavily on laterals. Finance accounted for 9 out of 17 appointments last year, of which six were in London. The structured finance and securitisation group has historically made a number of external hires and brought in two laterals in 2005-06 alone.

Of the total of six new finance partners in London, only two were internal promotions. Finance associates have had a while to wait; in 2004-05 Ashurst made up nobody in finance at all. There were three internal finance promotions in 2003- 04, supplemented by one lateral.

Of Ashurst’s smaller groups, employment/pensions has grown in partner numbers. In 2004-05 it promoted two, while in 2005-06 it took on a pensions lateral. The litigation department has made up two partners over three years, both in 2004-05.