Ashurst partner profits jump despite sluggish start to the year

 
Oliver Gill
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The UK's decision to leave the EU led to a slowdown of transactions in the first half of the year, Ashurst said (Source: Getty)

Law firm Ashurst today hailed a strong global performance, posting double-digit growth in partner profits.

Total revenue at the firm was £541m for the year to April, up from £505m. Profit per partner rose by 11.4 per cent to £672,000.

Ashurst managing partner Paul Jenkins said:

Despite the Brexit-related slowdown in transactional activity in the first half, we have also seen very encouraging levels of activity in the UK.

Read more: Firms need more certainty to plan Brexit moves

Ashurst promoted 19 of its associates to partner during the year. It has more than 400 partners and 1,200 lawyers working around the world.

The top 10 legal firm advised Chinese General Nuclear on its investment in Hinkley Point C and Lloyds Bank on the UK market investigation into personal and business current accounts and small business lending.

Jenkins added: “We have seen a strong performance globally, with increased revenue and profitability. This is a pleasing result in context of the economic and political uncertainty in many of the markets in which we operate.”

Read more: A third of law firms are in financial danger

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