Ashfords

UK 200 RESULTS 2010

Position:
Movement since 2009

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

=86
SAME

24
430
132.17
200-500
8
33
115.1
172.2
396.5
1,290.3
209
139
61
19
14
2
393
6.5

In November Ashfords will mark the sixth anniversary of its demerger from Bevan Brittan. When the firms split Ashfords intended to focus primarily on its Devon catchment area, but gradually the firm has invested in its Bristol base and in March this year signed a 10-year lease to take bigger offices in the city.

This investment has meant that Ashfords’ revenue has hovered around the £24m mark over the past three years. At the 2009-10 year-end turnover rose by 1.7 per cent, from £23.6m to £24m. Yet this remains 3.3 per cent short of the 2007-08 level, when the firm posted a revenue of £24.8m.

Nevertheless, Ashfords saw its bottom line increase by 33.3 per cent, from £6m to £8m. As a result the firm’s average profit per equity partner figure shot up by 42 per cent, from £303,000 to £430,000.

Ashfords operates a modified lockstep remuneration system with an equity spread of 50 to 100 points. Partners can advance up the lockstep in 10-point steps each year.

UK 200 RESULTS 2009

Position:
Movement since 2008

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

86
DOWN

23.6
303
170.3
150 - 350
6
25
104
157
369
1,180
227
150
64
20
15
2
429
6.5

With the four-year anniversary of its November 2005 de-merger from Bevan Brittan looming, South West firm Ashfords has been going public about its achievements over the past year. These have included a 10 per cent increase in partner headcount as well as a series of major panel wins.

But the firm has been a little more cagey about its financial performance. Ashfords has not seen the same growth as previous years, with 2008-09 turnover down by more than 4 per cent to £23.6m from £24.8m.

Ashfords’ average profit per equity partner (PEP) also fell, by 15 per cent from £357,000 to £304,000 last year. Net profit dropped from £7.5m to £6.38m.

PEP suffered mainly because of a drop off in residential work within Ashfords’ property department, as well as a slow down in work for the corporate team at the beginning of this year.

Elsewhere the public sector and private client groups performed relatively well. Ashfords’ public sector clients include Wandsworth Borough Council, the University of Exeter and the London Development Agency.

Unlike most firms Ashfords did not announce any major redundancy programmes during the year. The total number of fee-earners, however, has dropped from 267 to 227. The firm claimed this was down to natural wastage.

Ashfords operates a modified lockstep with an equity spread of 50 to 100 points. Partners can advance up the lockstep in 10-point steps each year.