London-based multinational law firm Ashurst reported double-digit revenue and earnings per partnership (PEP) growth for the fiscal year ending April 2022, maintaining a recovery from the previous fiscal year.
The company said on Thursday that sales rose 12% to £798m, the sixth consecutive year of growth. Meanwhile, the company’s PEP rose 13% to £1.2m, up 15% last year.
This growth is supported by modest revenue growth of 0.5% and PEP decline of 7% in FY 2019-20. In the 2020-21 results, the company’s PEP exceeded £1m for the first time since the 2008 financial crisis.
Ashurst CEO Paul Jenkins said the company had seen double-digit growth in continental Europe and Asia. “The UK has been an engine room for tremendous growth,” he says. On the other hand, the company’s growth in Singapore is around 20%.
Meanwhile, other Singapore companies, including Simmons & Simmons, performed well during the year. Allen & Overy recently reaffirmed its promise of a mandate as more international law firms set their sights on the country.
Jenkins attributes the success of Ashurst in Singapore to its investments in e-commerce, logistics and technology companies, funded by capitalizing on opportunities in Southeast Asia, a prominent feature of markets not only in Singapore but also in Indonesia and Vietnam.
“This will lead to a significant workflow from private equity funds, financial institutions and digital economy companies, focusing on areas where we capitalize on our strengths,” he added.
Despite the general downtrend in terms of confidence of US companies for UK firms, as well as growing insolvency issues in England and Wales, according to Jenkins, Ashurst’s sales in the US increased by about 15% as the company continued to reaffirm its ambitions in the US.
As the company prepares to develop its 2027 strategy, which will be available to partners early next year, Jenkins said the US is “still the missing piece of the puzzle for us” and the company still “sees opportunities. We continue to grow in the area.”
The decision on the company’s US strategy was long-awaited by the partnership, the former partner added, adding that “it’s foolish to see global without a good US experience”.
Elsewhere, direct sales at Ashurst Advance, the company’s New Law division, were up 55%.
In 2021, it appointed Melbourne partner Hilary Goodyear as co-leader of the bid.”We are diversifying our business and the achievements of the past year are a testament to the exceptional culture and great people who contribute to Ashurst’s strategic ambitions and achieve them,” chairman Karen Davies added in a statement.
During the past financial year, the firm’s key engagements included advising US private equity group Fortress Investment Group on its £6.3 billion acquisition of supermarket chain Morrisons and the £850m private equity buyout of Daily Mail & General Trust. He was also a member of the UK Legal Committee of energy giant BP.