Ashurst has announced seventh consecutive year of growth, following publication of 2023 financial results. The global law firm today announces its revenue for the financial year ended 30 April 2023: €1,015 million.
Image: Paul Jenkins, Ashurst’s global CEO and Karen Davies, President Global.
The firm has achieved a revenue of £879 million (€1,015 million), up 10% on the previous financial year (£798 million – €922 million – in 2022) and a 74% increase over the last seven years. The profit per equity partner is of £1,170,000 (€1,351,000), in line with the highest profit per equity partner recorded by the firm in 2022 (£1,175,000 – €1,357,000) and an increase of 94% over the last seven years.
Solid results in all regions, and in particular in Continental Europe, the Middle East and the United States and all global divisions reported growth over the previous year, with notable upturns in projects, energy transition, real estate and dispute resolution, investigations and advisory, as well as digital economy, financial regulation and restructuring.
Strategic focus on Ashurst five key industries (banking & private equity; real estate; infrastructure; energy & natural resources; and digital economy) generated over 85% of the firm’s revenues and the increased demand for the firm’s legal-led NewLaw and consulting businesses generated revenue growth in these areas of over 25% and 60% respectively, including the launch of the Risk Advisory business in the UK.
The establishment of Ashurst Korea JV, has made the global firm the first to be authorised to practice law in Korea since the opening of its legal market in 2011.
Investment and reconfiguration of office space has enabled the firm to meet its 2023 target of improving space utilisation efficiency by 20% across our 31 offices (compared to 2019 levels); and they have logged over 57,800 hours of pro bono work in their leading international pro bono practice, having worked on over 650 matters, including supporting the Safe Passage Ukraine project (where Ashurst and eight other law firms partnered with Safe Passage International to launch a legal clinic in Poland to provide a timely walk-in legal advice service and also a comprehensive service to assist refugees throughout the visa application process, from first visit to visa issuance).
“In the last financial year, our firm has recorded strong growth, and our 2023 results mark our seventh consecutive year of revenue growth,” said Paul Jenkins, Ashurst’s global CEO. “We have grown significantly over the last seven years, with revenue growth averaging 8% per annum over that period, and an acceleration of that growth over the last three years.”
Paul Jenkins added that remaining clearly focused on delivering the firm’s strategy, along with a strong emphasis on collaboration, has helped the firm exceed the targets set four years ago in the 2023 Strategy. “Our consistent focus on our 2023 goals, coupled with the most intense attention on the areas where we have significant strength – our five strategic sectors and our NewLaw and legal-led consulting businesses – has been extremely effective. We can look back at the very ambitious goals we set in our last strategic plan and be proud of what we have achieved. We are in a very strong position to embark on our new 2027 Strategy and look forward to the next four years of growth.”
“In 2023 we have achieved great things for our clients, thanks to the collaboration and mutually supportive culture of our global teams. As well as working on some excellent deals and delivering outstanding results for our customers around the world, the energy, drive and commitment of our global teams continue to contribute significantly to the success of our business,” said Karen Davies, President Global.