Profits per equity partner (PEP) at international firm Ashurst leapt 22% last year to £801,100, the firm announced today, on revenue up 6% to £586m.
The results were the first since a major merger with Blake Dawson in September 2013, with comparisons claimed on a ‘like-for-like’ basis.
Meanwhile global firm Norton Rose Fulbright revealed its first figures since a merger with US firm Fulbright & Jaworski in June 2013. It reported income of $1.851bn (£1.1bn), but no profit figures.
James Collis (pictured), managing partner of Ashurst, said the firm saw ‘consistently high levels of activity in the US and the UK’ throughout the year, with activity in continental Europe, the Middle East and Asia Pacific picking up from the third quarter. ‘Overall, we have benefited from increased confidence in the financial markets as well as higher levels of M&A activity.’
Operational efficiency remains a major focus for the firm, he said.
At Norton Rose, global chief executive Peter Martyr, said: ‘We had a big jump last year and this year has been steadier, with underlying growth of 4%. We have yet to complete a full financial year with the US, but we are happy with the way things are going.’
Last week City firm Herbert Smith Freehills also revealed its first full-year results, following Herbert Smith’s 2012 merger with Australian firm Freehills.
The firm estimated that profit per equity partner rose 12% to £741,000 and underlying profits 11% to £232m on revenue of £800m, a 5% rise on the previous year.