Ashurst, Clifford Chance and Linklaters all significantly ramped up capital contributions from partners during the 2024-25 financial year, according to accounts filed on Companies House.
The three firms’ accounts show partners paid in at least double the amount of capital contributed during the previous financial year, with this increase most pronounced at Linklaters, where contributions increased five-fold. The firm’s LLP accounts show partners provided £34m in capital contributions last year, an increase of 423% from £6.5m in 2024.
At both Ashurst and CC, partners’ contributions roughly doubled. The largest monetary increase was seen at CC, where partners contributed an additional £100m in capital, rising from £106m in 2024 to £206m in 2025, a 94% increase.
Ashurst’s accounts, which come amid merger talks with Perkins Coie, show capital contributions climbed more than 145% from £3.1m in 2024 to £7.6m in 2025. Ashurst’s accounts also show that the firm’s payments to former members rose from £2.1m to £4.9m. Both this and the increase in capital contributions reflect the growing size and profitability of the firm, LB understands.
CC and Linklaters declined to comment on the increase in capital contributions.
The accounts also highlight a number of other changes across the firms. Most notably, CC’s accounts show that the firm spun its offices in Prague and Bucharest off into separate entities with effect from 1 March 2025, with both offices now operating in association with CC as Clifford Chance Prague Association and Clifford Chance Badea Association.
The firm said in a statement: ‘On 1 March 2025, we moved to a closely integrated, long-term association model with our partners in Prague and Bucharest. This approach enables both offices to invest and grow in ways that best serve their local markets, while continuing to deliver best-in-class, integrated service to our clients as part of Clifford Chance’s global offering.’
Looking at the firms’ regional revenue breakdown from the accounts. For CC, Europe accounted for nearly 66% of its total £2.41bn firmwide revenue in FY2024-25, down marginally from 67% the previous year.
Meanwhile, US turnover accounted for nearly 16% of its global total from less than 15%, following a nearly 16% increase to £385m.
Linklaters’ European revenue climbed 4% to £704.4m in 2025, with APAC revenue rising 9% to £277.7m, Middle East turnover climbing almost 17% to £48.5m and UK turnover climbing 11% to £1.06bn – almost half of Linklaters’ total turnover.
The firm’s largest revenue increase was in the Americas, where revenue climbed 27% to £189.1m – roughly 8% of total revenue in 2025.
Looking at previously reported LLP accounts, the Americas accounted for 25% of A&O Shearman’s overall revenue in 2024-25. The figure is marginally higher than Freshfields, where the US brought in 21% of firmwide turnover at £473.3m. This figure made the US Freshfields’ fastest growing region, with turnover climbing 21%.
Ashurst’s revenue from locations outside of the UK, EMEA and APAC grew 7.5% to £60.0m. The firm currently has offices in New York, Austin and Los Angeles with a handful of partners across the sites.
LB previously reported that A&O Shearman’s first accounts post-merger also revealed that partners’ capital contributions more than doubled, totalling £421.3m in 2025. Legacy firm A&O’s 2024 accounts posted £208.9m in capital contributions, by comparison.
