Hill Dickinson and CRS post strong numbers too
The trend of law firms posting positive financial results continues, as both Ashurst and Clyde & Co report an increase in partner profits.
Revenue at Ashurst climbed 9% to £961 million in the financial year 2023-24, marking its eighth consecutive year of growth. Profits per equity partner (PEP) increased by a robust 14% to £1.33 million, surpassing the previous record of £1.17 million.
The Silver Circe player reported strong performance across all regions, with the UK, US and Middle East achieving double-digit revenue growth of 13%, 18%, and 17%, respectively.
“These results reflect the focus and commitment of our people, the trust of our clients and the successful execution of our 2027 Strategy,” Ashurst global CEO Paul Jenkins said. “We are centred on our priority industries, practice areas and markets, combined with the delivery of integrated solutions that bring together teams across legal and consulting services with our NewLaw capability.”
“This is a trajectory that really works for our business and is bearing fruit for our clients,” Jenkins continued. “Pleasingly, we are budgeting to have our first year of revenue above £1 billion in our financial year ending 30 April 2025.”
Meanwhile, UK headquartered Clydes also recorded positive numbers, with revenue climbing 10% to £845 million, marking its 26th consecutive year of growth. Profits at the firm increased by 3% to £174.4 million, while PEP rose by a little over 4% to £739,000, up from £708,000 the previous year.
This marks the firm’s second set of financial results since swallowing up insurance law specialist BLM, in a move which added some 600 lawyers to its ranks.
“Our growth this year was driven in large part by our underlying business, which benefited from strong client demand for our services across our disciplines and geographies,” commented Matthew Kelsall, Clydes’ CEO. “In the past year we have continued to invest in modernisation and made several strategic hires in energy, renewables, regulatory, finance and commercial disputes, a trend that will continue as we seek to maintain a balance across our sectors and practices.”
Elsewhere, Hill Dickinson, a global law firm based in Liverpool, saw its revenues increase by 9%, reaching £141.3 million from £129.6 million. Net profits exceeded £50 million, pending an audit.
The shipping law specialist didn’t provide a PEP figure.
The firm reported that its three main practice areas — business services, healthcare and marine — met their targets last year, with business services emerging as the largest division, generating nearly £70 million in revenue.
Finally, Charles Russell Speechlys (CRS) reported a 13% increase in firmwide revenue, reaching £218.3 million. Of this total, £174.4 million was generated in the UK, representing a 12% increase from the previous year.
UK PEP increased significantly by 27%, rising from £521,000 to £661,000. Meanwhile, the firmwide net profit saw an impressive 20.5% jump, reaching £45.9 million.
Managing partner Simon Ridpath said: “Performance and growth outside of the UK also remained strong, with a total international revenue growth of 15%. There were notable contributions from our European offices in Luxembourg, Paris and Switzerland, as well as 30 per cent revenue growth in Asia following numerous lateral hires and the launch of our Singapore office in July last year.”
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