Can Ashurst escape its perfect storm and engage the partnership to prevent further losses?
With PEP falling 19% year-on-year, Ashurst is in a precarious position, can new managing partner Paul Jenkins turn it around?
Even opponents to using profit per equity partner (PEP) as a measure of law firm success would struggle to contend that a firm posting a 19% year-on-year fall in profit was in anything other than a challenging position.
In fairness to Ashurst, it hasn’t tried to spin its 2015-16 results. As Legal Week reported on 7 July, PEP has fallen back to a more than 10-year low of £603,000 after two consecutive years of decline, while revenue fell by 10%.
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