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Ashurst Morris Crisp has announced a19% increase in turnover from £130m to £155m and a rise in average profits of 10% from £545,000 to £600,000.This year the firm’s partners at the top end of the firm’s 10-year lockstep will walk away with £800,000 up from £750,000 last year. Junior partners will earn £20,000 more at around £320,000.The firm’s 10% rise in profits matches the increases of its magic circle rivals Allen & Overy and Linklaters – although partners there are still earning well above Ashursts, at £762,000 and £800,000 respectively.However, several rivals just outside the magic circle have this year outpaced Ashursts in profits growth with Herbert Smith and Norton Rose both posting 30% increases in partner profits.Unlike Herbert Smith, however, Ashursts has been engaged in heavy investment in its infant European network, primarily through a series of greenfield sites.In the last 12 months Ashursts has opened offices in Munich, Madrid and Milan where servicing private equity clients remains one of the firm’s key focuses.The firm has also seen a number of senior departures from its London real estate practice, including planning head Michael Cunliffe and partner Charles Leach.In contrast, the firm’s senior hiring has been concentrated on the Continent, with the exception of former Hammond Suddards Edge City head Gary Watson who joined the firm’s property team this year.Managing partner Justin Spendlove said: “Over the past 12 months we have continued to develop our practice in Europe – most notably our litigation practice in Germany and our tax practice in Italy and France.“Our immediate aim is to continue to replicate the practice spread we have in London across Europe and elsewhere in the world where we see these markets developing.”

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