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Ashurst records revenue of £879m for FY23
International law firm Ashurst has seen its annual revenue increase by 10 per cent since the last financial year, with profit per equity partner having risen 94 per cent over the last seven years.
Jerome Doraisamy
Ashurst has seen a bumper past financial year, with the firm’s annual revenue increasing from £798 million in 2022 to £879 million this year, for a jump of 10 per cent.
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Profit per equity partner was £1.170 million in FY23, which was slightly down on last year’s figure (£1.18 million) but accounted for an increase of 94 per cent for equity partners over the last seven years.
The exchange rate, as of the time of filing this story, was $1.93 to £1. However, the above results for the firm are for the financial year that ended 30 April 2023.
The firm noted that 85 per cent of its revenue came from five key sectors – what it termed its "priority industries".
Ashurst global chief executive Paul Jenkins (pictured) detailed that all but 15 per cent of the firm's work is “now generated from our priority industries, and in the year ahead we will continue to reinforce our leadership in the banks, energy, infrastructure, private capital, real estate and technology sectors”.
The news followed the firm’s addition of dozens to its partnership across the country, both through lateral hires and promotions. Lawyers Weekly’s coverage of those new partner appointments can be read here, here, and here.
Mr Jenkins said: “We have grown significantly in the past seven years, with revenue growing 8 per cent on average each year over that period and growth accelerating in the past three years.
“Our consistent focus on our 2023 goals, together with doubling down on the areas in which we have significant strength – our industries and our NewLaw and legal-led consulting businesses – has been extremely effective.
“We can look back at the bold targets we set in our last strategic plan and feel proud of what we have achieved. We are in a strong position as we embark on our new 2027 strategy, and our next four years of growth.”
Global chair Karen Davies (also pictured) added: “We accomplished a great deal in FY23 for our clients, and that is thanks to the collaboration and culture of mutual support across our global teams.
“Our 2027 strategy summarises the next era of strategic focus as we evolve as a firm and will guide our plans for investment and growth over the next four years. It underscores our determination to be a forward-looking firm where we are able to anticipate what’s next and the future opportunities and challenges for all of our clients.”
