Ashurst‘s Singapore managing partner is the latest to quit the firm, in a day where Ashurst has seen partner exits to Jones Day, Allen & Overy, Paul Hastings and PwC Legal.
Shaun Lascelles will depart Ashurst, having joined the City firm in 2015. He moved from Skadden, Arps, Slate, Meagher & Flom where he co-headed its global private equity practice in August 2015. With a particular focus in M&A and private equity, Lascelles advises a broad range of private equity firms, hedge funds, state-owned investment funds and other investment funds.
Earlier today, Paul Hastings confirmed it had appointed respected finance partner Nigel Ward from the beleaguered firm, while the firm’s Abu Dhabi head Alastair Holland has quit for a US firm and two Asia finance partners, including Ashurst’s Hong Kong managing partner have joined Allen & Overy.
As well as losing Lascelles, Ashurst has also lost corporate partner Keith McGuire from its Singapore office. He joins PwC Legal.
The latest spike brings the number of partners that have left the firm to around 45 since May of last year as the firm posted a disappointing 19% drop in profit per equity partner down to £603,000 from £747,000 during the 2015/16 financial year as well as a 10% drop in turnover to £505m.
Following this Ashurst has made plans to extend the firm’s lockstep ladder to 75 points up on the firm’s current 65 to help retain talent at the firm. Under the current proposals, which are yet to be voted on, the bottom of the ladder will remain at its current 25.
Read more on Ashurst in the comment piece: ‘Looking forward to Ashurst’s decline – The outlook worsens for a proud City institution’ and the analysis piece: ‘Don’t look back in anger: Ashurst leadership tries to rally partners but the drift continues’