Partner profits at City firm Ashurst have exceeded £1m for the first time since the financial crisis as the firm looks to cut office space and increase its use of technology.

According to figures for the year ended 30 April 2021, profit per equity partner (PEP) is up 15% year-on-year at £1.04m, while revenue has grown by 10% to £711m. Over the past five years, PEP has increased by 72% and turnover has risen by 40%. However, Ashurst’s growth trajectory was interrupted in 2020 when partner profits fell and revenue stalled.

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Global managing partner Paul Jenkins

Global managing partner Paul Jenkins said: ‘We continued our financial growth trajectory with strong FY21 results, marking the fifth consecutive year of revenue growth for the firm. While some practices and markets during the early part of the financial year were impacted by the pandemic, we continued to support clients as they navigated ongoing challenges and the firm experienced strong trading performance from the end of Q1 which produced a very good set of full year results.’

PEP at Ashurst last exceeded £1m in 2007/2008, before the firm’s profitability was hit by the economic crisis.

The firm intends to reduce office space globally by approximately 20% by 2023, and with savings to be invested in improved facilities and technology. It has also introduced hybrid working, allowing staff to work from home 40% of the time.