ASB Law posts 25 per cent profit hike

South East firm ASB Law has announced a profit increase of almost a quarter for the last financial year, but it is less bullish about its turnover. Profit per equity partner has shot up by 24 per cent to £161,000, compared with £130,000 for the previous year. However, the firm declined to reveal its fee income, claiming that it was “steady”. In 2004-05 the firm generated a turnover of £18.2m and last year reorganised, cutting 11 jobs across its offices. ASB also suffered the departure of three private client partners to Goodman Derrick. However, it has recently started a hiring spree at associate level. The 2004-05 financial year also saw the departure of chief executive Christopher Honeyman Brown, who left the firm in February to pursue other interests. Lorraine Cushnie