Ashurst has reported a £200,000 increase in average partner pay for the last financial year, bringing the total to £1.1 million. This rise comes as the London-headquartered law firm gears up for its merger with US-based Perkins Coie, a deal expected to close later this year.
Financial Performance
The firm's revenue grew by 8% to £812 million, driven by strong performance in corporate, disputes, and finance practices. Net profit increased by 12% to £342 million, according to the firm's latest financial statements.
Ashurst's managing partner, Paul Jenkins, said: "These results reflect the hard work of our people and the strength of our client relationships. We are well-positioned for the merger with Perkins Coie, which will create a truly global firm."
Merger Details
The merger with Perkins Coie, which has 1,200 lawyers across the US and Asia, is expected to close in the fourth quarter of 2024. The combined firm will operate under the name Ashurst Perkins Coie, with combined revenues exceeding $1.5 billion.
The merger is seen as a strategic move to strengthen Ashurst's presence in the US market, where it has historically been less dominant. Perkins Coie brings expertise in technology, intellectual property, and litigation.
Market Context
The pay increase at Ashurst follows a trend among UK law firms, where partner profits have risen amid strong demand for legal services. However, the firm faces challenges from rising costs and competition for talent.
Jenkins added: "We are investing in our people and technology to ensure we remain competitive. The merger will provide greater opportunities for our lawyers and clients."
The firm also reported an increase in associate headcount, with 1,800 lawyers now employed globally, up from 1,700 the previous year.
