Ashurst has posted a 17% increase in turnover to smash through the £300m barrier, joining top 10 City rival Simmons & Simmons in announcing a double-digit increase in revenue.
The firm raked in fees totalling £323m for 2007-08, during which time the firm has made a series of hires in Europe and
Last year the firm was among the strongest performers in the Legal Week Top 50 both in terms of revenue and profitability. Turnover was up by 28.5% while average profits per equity soared by more than a third (36.4%) to reach a new high of £956,000.
Ashurst managing partner Simon Bromwich (pictured) told Legal Week the firm would continue to focus on developing its practice overseas over the next two to three years.
He said: “The key point is that if you look at our growth over a two-year period we have grown over 50%, which is impressive. We do feel well placed to cope with the current market. We’ve put together a strong performance over the last three to four years and there is a determination within the firm to keep the progress up.”
The news comes after Simmons earlier this week (6 May) announced a 16% hike in revenue for the most recent financial year, with fee income moving from £250.4m in 2007 to a new high of £290m.
Simmons indicated that it expects average partner profits to top £600,000 this year.
