City firms Ashurst, Macfarlanes and Bird & Bird have announced a healthy set of financial results, with profit per equity partner (PEP) continuing to rise.
According to figures for the year ending 30 April 2019, Ashurst reported a PEP increase of 30% to £972,000. The firm’s revenue is also up, increasing by 14% to £641m.
Bird & Bird announced a more modest PEP increase of 4.4% to £575,000, while its turnover grew by 7% to £361m. Like Ashurst, it did not reveal its net profit.
Meanwhile, operating profit at Macfarlanes rose by 4% to £110.75m. While PEP did not grow, it remained very high at £1.73m, outstripping some magic circle firms. Clifford Chance, for example, recently announced a PEP figure of £1.62m.
Paul Jenkins, global managing partner of Ashurst, said: ‘We have seen particularly strong performance in infrastructure, energy and resources, and real estate globally.’
He added: ‘The transformation in the legal services market is accelerating and ensuring that we adapt our delivery model to provide the best client service remains a high priority.’