Ashurst has fallen further behind its City competitors, reporting a low 5 per cent increase in turnover during the first half of the financial year.
The silver circle firm is lagging behind the likes of Allen & Overy, Clifford Chance, Berwin Leighton Paisner, SJ Berwin and Taylor Wessing, which have all reported double-digit growth in revenues for the first half of the year.
Managing partner Simon Bromwich declined to comment on Ashurst’s financial performance, other than to say that the firm’s “first six months” had been “satisfactory”.
However, a source within the firm confirmed that turnover had increased by only 5 per cent to around £84m in the first six months of 2005-06, compared with £80m this time last year.
The disappointing start follows similarly lacklustre figures for the last financial year, when turnover inched up 2 per cent to reach £201m. Profitability fared somewhat better during 2004-05, with average profit per equity partner jumping by 9 per cent to reach £567,000.