There comes a point where you have to give credit where it is due – Ashurst has reached that point. That comes from a magazine that has been sceptical of claims of the firm’s revival. Sure, everyone acknowledged that Ashurst’s banking practice, buoyed by a group of energetic and talented partners, was punching well above its weight in acquisition and structured finance. But while the firm’s core M&A practice looked directionless, strategy seemed weakly articulated and the firm’s international capability was a mixed bag, few would have bet on Ashurst being a serious contender at the upper end of Europe’s legal market.
Those odds are now changing, due partly to two years of well above-trend financial performance. Most eye-catching is this year’s 28.5% rise in revenue – extraordinary growth, even in a busy market. Profits have yet to be finalised but partners are predicting PEP in the £900,000 ball-park, with plateau nudging £1m, which has massive symbolic significance for any non-magic circle firm still with pretences to lockstep.
