Ashurst partner profit lifts 4% to $2.9m amid global AI rollout
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The news: Global law firm Ashurst has reported profit per equity partner of £1.39 million ($2.91 million) for the year to April, a 4% uptick on the prior year.
The numbers: Ashurst also recorded revenue of £1.03 billion, marking an 8% rise year over year.
The company said the result marks its ninth consecutive year of growth, with revenue and profitability growing by 8% and 10% respectively on average each year over the period.
Ashurst reported revenue growth across all regions, with the best performances seen in the Middle East (14%), Australia (11%) and Hong Kong (19%).
The context: The firm noted that it accelerated its digital and innovation agenda during the year, with the global rollout of its generative AI legal tool Harvey.
The digital transformation has driven efficiencies and enhanced its client services, the company said, with a majority of its global workforce now regularly using generative AI as part of its daily work.
In a market first, the firm also launched Ashurst Risk Advisory in the Middle East and expanded its India practice with the appointment of two prominent lawyers as co-heads, based in London.
The source: Ashurst media release
