Legal Business

Ashurst revamps partner capital system

News that Ashurst is adopting a capital contribution system for partners this year finally brings the City International firm in line with the rest of its major rivals in the City.

As part of the reorganisation, each Ashurst equity partner will be asked to pay in a one-off capital contribution based on the number of equity points they hold. Currently, the firm does not ask partners to pay in capital, but retains a percentage of partner profits each year that is then distributed to partners when they leave or retire. The move is a bid to align capital contributions from lateral hires and homegrown talent, and bring the firm in line with its Australian merger partner Blake Dawson.

Legal Business

Ashurst pushes ahead with Beijing and Seoul launches

Ashurst is preparing to move into Seoul and is applying for a licence to practise in Beijing, as the firm looks to leverage off its recent tie-up with Australian firm Blake Dawson to bulk up in Asia.

Geoffrey Green, managing partner of Ashurst Asia, said it was vital to grow the firm’s Asian presence. ‘Ashurst has been relatively lightly represented in Asia. Compared to our competitors we are pretty underweight in Asia and given the fact the world is moving further east, that’s where the growth opportunities are,’ he said.

Legal Business

Double vision

Double vision

With the market recovering slowly, Ashurst’s new-look corporate management team has its work cut out. The duo not only has to build and retain market share, but also restore some much-needed morale to the firm’s transactional team.

In City parlance, Stephen Lloyd and Simon Beddow could be said to be buying at the bottom of the market. Ashurst’s new corporate heads, in place since July, have taken over a practice hit hard by the drop off in deal activity and by the firm’s own restructuring. Partners have been asked to leave the practice, while some of its best young talent has left of its own accord.