Bromwich (pictured), who has held the post since 2004, will begin his third three-year term in January 2010.
During his time as managing partner, Bromwich has overseen an expansion in the firm’s international practices, with new offices opening in Hong Kong and New York this year.
Ashurst has also secured a series of lateral hires despite experiencing a tough first half of 2009-10 in which revenue fell by 14 per cent.
In recent months it has hired real estate partner Ann Minogue from Linklaters, restructuring partner Dan Hamilton from White & Case, and former head of restructuring at Royal Bank of Scotland Lee Doyle.
Senior partner Charlie Geffen said: “We have taken decisive, tough decisions but have maintained our momentum with focused lateral hires and we expect more to come in key areas.
“There’s some advantage in consistency through a tough time and there’s an element of that in our thinking. We all think Simon has done a terrific job.”
Bromwich added: “I am very pleased to continue as managing partner. We still have a way to go to ensure that we emerge strongly from the downturn but I am confident that this is exactly what Ashurst will do and I look forward to playing my part in achieving that.”