Ashurst is deferring payment of profits to partners this quarter as the firm responds to a drop in revenues in the first half of 2012/13.
Normally, partners take monthly drawings and receive quarterly profits pay outs, with profits per equity partner (PEP) totalling £744,000 in 2011/12. Partners have still taken monthly drawings, but the firm has held back the quarterly profits payment. The firm expects to pay next quarter’s profits as usual, although it is not yet clear when or if this quarter’s profits will be paid.
