In a bid to retain star talent,
Ashurst has moved four partners to the top of its extended 75-point equity ladder.
The partners come from Australia, Europe, and the UK, according to a
Legal Week report, which did not name the partners or say how many partners come from each of the mentioned regions.
The move comes after Ashurst extended its equity ladder by 10 points to 75 points last year, and also introduced a bonus pool, to retain top lawyers. The firm had suffered from exits and underwhelming financial performance, headlined by a 19% drop in profit per equity partner to £603,000 off the back of a 10% revenue slump.
However, Ashurst global managing partner
Paul Jenkins told Australasian Lawyer last year that the firm has not pinned all its hope on its business in Australia as suggested by some reports. He also said that the departures from the firm have been more than offset by lateral hires. As all firms are affected by increased mobility, Ashurst itself has benefited from the trend as they’ve had more than 30 lateral hires who joined the firm.
A London partner welcomed the extended equity ladder. The partner told
Legal Week that “a bit more flexibility is a good thing,” as that enables the firm to fight off American “invaders.”
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