In an increased round, Ashurst has promoted 19 to partnership with a roughly even spread across its European and Asia Pacific offices.
The firm promoted 53% of its new partners across Europe with 47% made up in the Asia Pacific. However, only four of the cohort are women – just 21% – compared with 33% last year. In 2016 Ashurst promoted 12 to partnership in a reduced round, down from 20% the year previous.
Seven have been promoted in both Ashurst’s London and Australian offices with one each in France, Germany, Hong Kong, Singapore and Spain. Corporate and banking departments have both been boosted by four partners, with employment receiving three, two in securities and derivatives, and utilities and resources, and one in each of competition, dispute resolution, IP and real estate.
Ashurst managing partner Paul Jenkins (pictured) said: ‘We continue to invest across our global network and promoting 19 partners across a wide variety of practices and offices reflects the strength of our business and client demand.’
Ashurst has lost several partners both in the City and from its international offices over the past year following 2015/16 financial results which saw profit per equity partner drop by 19% to £603,000 from £747,000. Turnover also fell 10% to £505m. However, management claims profitability is currently on course for a significant rebound in 2016/17.
Last month Ashurst launched a European high-yield offering, picking up Allen & Overy senior associate Tamer Bahgat, who has been made up to partner at Ashurst, and Linklaters counsel Natalia Sokolova. Ashurst said the move follows the success of high-yield partner Anna-Marie Slot in Hong Kong.
Going the other way, in one of the most significant team hires between major City players for some time, a group of five Paris corporate partners – collectively responsible for a book of business worth £8m – is moving from Ashurst to Freshfields Bruckhaus Deringer.
Ashurst partner promotions in full
Alex Biles, securities and derivatives, London
Ruth Buchanan, employment, London
Simon Bullock, corporate, London
Malcolm Charles, securities and derivatives, London
Nicolas Deuerling, real estate, Frankfurt
Stuart Dullard, corporate, Sydney
Adam Firth, dispute resolution, Sydney
James Fletcher, corporate, London
Nataline Fleury, employment, Paris
Andrew Gay, resources and utilities, Perth
Anthony Johnson, resources and utilities, London
Callum McPherson, banking, London
Nick Pawson, banking, Madrid
Alyssa Phillips, competition, Brisbane
Andrew Rankine, IP, Sydney
Trent Sebbens, employment, Sydney
Kenneth Tang, banking, Sydney
Jean Woo, banking, Singapore
Chin Yeoh, corporate, Hong Kong