Ashurst has announced a 6 per cent like-for-like drop in revenues for the first half of the 2012/13 financial year, with total half-year billings standing at £145m.
The figure is down on £154m for the first six months of 2011/12 and includes income from the legacy Ashurst business, while excluding revenue for the Australian arm acquired through its tie-up with Blake Dawson earlier this year.
The firm said revenue was down only 3 per cent taking into account currency fluctuation and added that the drop was partly down to the equivalent period in 2011 being strong.
Last year’s first-half revenues were up 12 per cent on the same period in the previous year (10 November 2011).
Managing partner James Collis said in a statement: “Business results have been affected by the faltering global economic recovery and exchange rate movements. We did, however, have some robust results internationally, in particular in the US, Hong Kong and the United Arab Emirates. Our performance in energy, transport and infrastructure and finance was also encouraging.
“We continue to make strategic investment in growth opportunities. We have recently strengthened our presence in the Middle East with the launch of an office in Saudi Arabia. Our combination with Ashurst in Australia also continues to produce some excellent results. Over the last 12 months, we have made some significant steps to transform the business and deliver on our strategy of becoming a premier global law firm.
“The path to economic recovery may continue to be very difficult but we are confident that we are making the right investments and long-term decisions to navigate ongoing challenges.”
The firm is set to launch in Saudi Arabia in the new year through a local association and plans to expand from the starting point, Jeddah, to Riyadh (12 November 2012).
Earlier this year the firm posted a 6 per cent revenue hike for the whole of 2011/12 and a 3 per cent increase in average profit per equity partner (4 July 2012).