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Ashurst’s highest-paid member saw a slight growth in their profit entitlement last year, amid an overall profit decline worldwide.
According to the firm’s LLP accounts, the member with the highest profit entitlement received £1.09m in the year ending April 2016 compared to £1.01m the year before.
The growth came amid a decline in net profit of 22 per cent from £186.6m to £144.8m, as well as a revenue drop of 10 per cent from £558.6m to £504.4m.
New managing partner Paul Jenkins reorganised the firm’s management structure last summer, resulting in a slight reduction in executive team members. The group received 8 per cent less last year – dropping from £10.3m to £9.4m.
Salaries in general declined across the firm, decreasing from a total £191.8m to £189.1m. This came amid an overall increase in staff numbers by around 70, while fee-earner numbers dropped from 1,399 to 1,368.
Net funds at Ashurst grew over 2015/16 from £11.1m cash in the bank to £14m. In the firm’s last LLPs, Ashurst reported a big jump in net funds from £3.2m.
Ashurst had a rather turbulent summer, losing a wave of partners across London, Asia and Continental Europe. In recent months, the stream of exits appears to have subsided, particularly after the firm ‘bought back’ partners James Perry and Nigel Ward.
The firm also voted in favour of several new partnership changes, including a new profit distribution system that will see members inject an extra £1m capital to the firm.
Over the summer, Ashurst chose to revamp its lockstep system by extending the ladder and introducing a bonus pool for both equity and non-equity partners.
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