Ashurst reported a 9% boost in revenue while Kennedys recorded a 17% increase
Ashurst and Kennedys have reported strong financial results over FY 2023-2024.
Ashurst recorded £961m in revenue for the year that closed on 30 April, representing a 9% uptick from the past year (£879m). Profit per equity partner (PEP) went up by 14% to £1.336m, breaking the old record of £1.175m.
"These results reflect the focus and commitment of our people, the trust of our clients and the successful execution of our 2027 Strategy. 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”, CEO Paul Jenkins explained. “This is a trajectory that really works for our business and is bearing fruit for our clients. Pleasingly, we are budgeting to have our first year of revenue above £1bn in our financial year ending 30 April 2025".
The firm noted that considerable growth was observed especially in Singapore and Australia. In particular, work in the corporate sector recorded double-digit growth across Australia, Korea, Singapore, France, Italy and the UK; work in the funds and restructuring sector also ticked up by 10% across the APAC region.
"As we look ahead, we are confident that we have a clear and ambitious vision for the future, underpinned by our 2027 Strategy. This follows a similar focus with our 2019 Strategy and 2023 Strategy, which in each case has led to our strong growth trajectory over the last eight years”, Jenkins said.
Meanwhile, revenue was up by 17% for Kennedys, hitting $736m (£384m) 17% increase from the previous financial year. According to the firm, this is the 10th straight year it has reported revenue growth.
Revenue in the APAC region increased by 12%, supported by significant lateral hires such as that of former Clyde & Co Australian managing partner Lucinda Lyons and her team.
“I’m proud to see such impressive financial growth over the last year. In this period we have also launched a new strategic plan, focused on six key priorities, which are the foundation stones for the ongoing growth of the firm”, said Nick Thomas, senior partner and spokesperson for Kennedys’ executive group.
