Ashurst says goodbye to the million-pound PEP club as profit drops by a third

Ashurst has reported a 35 per cent drop in profit per equity (PEP) for the 2008-09 financial year.

The silver circle firm reported a PEP of £673,000 during the last financial year, down from £1.04m for the previous year.

Earlier this year The Lawyer reported that Ashurst’s revenue had decreased by 7 per cent last year from £323m down to £301m last year (27 May).

Ashurst managing partner Simon Bromwich told The Lawyer: “This is in line with what we have been expecting for the last six months. Since Christmas we have been busier and made a lot of partner investment. This has certainly affected the PEP figure.”

In February this year the firm launched in the US, snaring an 11-partner team from McKee Nelson.

Bromwich said: “We think we have the basics right to improve profits over the next year. We are confident that the investments we’ve made will be beneficial to us over the coming year.”