Ashurst has bucked this year’s trend among City and international firms by posting a fall in partner profit on revenue which remained flat in 2014/15.
Profit per equity partner dipped 3.6% to £747,000 (£775,000) in the 12 months to 30 April, on income which edged up 0.5% from £558m to £561m, the firm revealed today.
James Collis, managing partner, described the results as ‘in line with expectations’, stressing that the firm underwent ‘a year of consolidation and significant investment’.
In the past year the firm has undertaken a ‘major global strategic review’ with Bain & Co which is now being implemented, he added.
Core to that strategy is the firm’s business support base in Glasgow, the establishment of which reportedly resulted in the loss of dozens of support staff jobs in London.
Ashurst was the first international firm to open such a centre in the Scottish city, in June 2013, aided by £2.4m from economic development agency Scottish Enterprise.
By the start of this year the Glasgow office had come to employ 155 people, including 30 legal analysts, and the aim was for 200 by the end of 2016.
‘Our focus on operational efficiency for clients has seen the Glasgow office go from strength to strength,’ Ashurst said today. ‘It continues to play a key role in ensuring we further maximise efficiency and that the firm remains competitive and innovative.’