Ashurst has broken £1bn in revenue for the first time after posting an 8% increase to £1.034bn for 2024-25, up from last year’s figure of £961m.
Profit per equity partner (PEP) edged up by 4% over the same period, rising from £1.336m to £1.39m – also a firm record.
The firm’s chief executive Paul Jenkins (pictued above with global chair Karen Davies) told Legal Business he was ‘proud’ and ‘very happy’ to reach the billion milestone in a year that hadn’t proven straightforward.
‘The market was more volatile and choppy than in previous years, so there was no guarantee we’d get there — but we made it quite easily in the end,’ he said.
The results mean Ashust is closing in on a decade of uninterrupted revenue growth, after nine consecutive years of top-line expansion.
More than 85% of the 2024-25 global turnover came from the six priority practices set out in Ashurst’s 2027 strategy: banks, energy, infrastructure, private capital, real estate and technology, with revenue from real estate surging by 50% year-on-year.
In the UK, the firm highlighted the performance of the financial regulatory practice, which saw revenue climb by 34%.
Globally, Jenkins singled out the firm’s digital economy transactions team — which advises corporates, financial institutions and governments on digital transformation — as having a ‘standout’ year, with revenue growth of 21% across the practice worldwide.
He also pointed to a strong year for the firm’s corporate M&A, projects, finance and disputes practices. Globally, Ashurst’s disputes, investigations and advisory practice saw growth of 10%, while its finance, funds and restructuring practices grew by 8%. The firm’s offices across Germany, Luxembourg, the Middle East, Spain and Indonesia all saw at least double-digit growth in corporate work.
Meanwhile, Ashurst Advance & Consulting, the firm’s NewLaw and consulting arm, posted a 20% increase in global revenue. Jenkins told LB the growth highlights ‘a real client need for tech solutions’, with questions about the firm’s AI capabilities frequently coming up in client pitches.
Ashurst rolled out legal Gen AI platform Harvey across its 4,300-strong workforce last June. Jenkins said that the firm was not resting on its laurels when it comes to tech, however, and that the coming year would see ‘a significant acceleration in the use of Gen AI across our business’.
Last year, Jenkins told LB that he was targeting growth in the US. While the firm didn’t disclose overall US growth rates, its US disputes, investigations and advisory division and projects and energy transition team were highlighted as strong performers.
Outside of the US, Hong Kong had a particularly strong year with a 19% increase in revenue, while the Middle East (14%), Australia (11%), Spain (12%), and Luxembourg (14%) also hit double digits.
Beyond revenue growth, the firm has also been expanding its partnership, with the UK a key beneficiary. In the firm’s most recent partner promotions, 12 of the 20 partners were based in London, with a further partner based in Glasgow. The firm has also made lateral hires in the City, including Mishcon de Reya real estate partner Todd Wu, who arrived in May.
Jenkins said the additions reflected the firm’s targeted growth strategy.
‘We were really focused on growth in the UK – where we have grown by 20 partners this year – the Middle East — where we’ve doubled our partnership over the last 18 months — and other markets including Germany, France, Singapore and the US, where we’ve seen continued growth. It’s about having a strategy and sticking to it.’
Notable mandates for the firm’s London office include advising UK investment bank joint venure JP Morgan Cazenove on the £3.5bn takeover of Royal Mail parent company International Distributions Service. Further afield, a cross-practice team from Dubai and Milan advised Saudi conglomerate Zahid Group on its $1.3bn acquisition of Barloworld Limited, while a Melbourne team advised banking group ANZ on its acquisition of Suncorp Bank – the largest banking acquisition in Australia in over a decade.
Jenkins said he is optimistic about the year ahead: ‘Talking to clients, there is generally a higher degree of optimism about the year ahead, and in terms of the pipeline—particularly in corporate disputes and digital economy-related areas.’
tom.cox@legal500.com
