Ashurst
A guide to the law firm Ashurst: what it’s best known for, recent work highlights, what it pays, and its revenue and profitability.
Last updated:
January 8, 2025
A guide to the law firm Ashurst: what it’s best known for, recent work highlights, what it pays, and its revenue and profitability.
Ashurst is a leading UK law firm with a rich history dating back to its founding in 1822 in London. It is a member of the Silver Circle of law firms - a group of prestigious UK firms sitting just behind the Magic Circle.
The firm has grown significantly over the last 15 years to become a major international law firm. It operates with over 1,900 lawyers, including more than 460 partners, spread across 31 offices in 18 countries.
The firm was founded in 1822 by William Henry Ashurst who went into partnership with William Henry Green a year later. In 1843, Ashurst decided to make his son (also William Henry) a partner and the firm became known as ‘Ashurst and Son’.
In the 1860s, John Morris became a partner and Sir Frank Crisp (who, incidentally, Beatle George Harrison would come to write a song about) also joined as a partner and the firm started operating under the name ‘Ashurst Morris Crisp’ which it would keep for the next 130 years.
The firm's client base grew steadily through the 20th century, acting for notable companies and financial institutions with a heavy focus on corporate work.
Ashurst Morris Crisp began to expand internationally in the 1980s and early 1990s with openings in key legal and financial centres, including Brussels, Paris, and Tokyo.
Back in the City, the firm was carving out a market-leading reputation for private equity work and was one of the first players to dominate the nascent market for advice to buyout firms.
The turn of the millennium was a period of change for Ashurst. In 2003, the firm rebranded, shortening its name to Ashurst. This period also saw further international expansion, with new offices opening in Europe, Asia, and the Middle East.
In 2013, Ashurst merged with leading Australian firm Blake Dawson (a member of the 'Big Six' Australian law firms), in a move that significantly expanded its global footprint and capabilities, particularly in the Asia-Pacific market.
Since the merger, Ashurst has continued to build on its strengths, further expanding its international presence and reinforcing its reputation as a leading international player.
Traditionally known for its corporate work, today Ashurst is also highly regarded for its work in the banking and finance sectors, including project finance, real estate finance, and restructuring and insolvency. The firm also has a strong reputation in the energy, resources, and infrastructure sector.
Ashurst makes our ranking of the UK's most prestigious law firms.
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Examples of recent transactions and matters Ashurst has advised on:
Aviva’s takeover of Direct Line Group: Ashurst advised Citi and Goldman Sachs as joint financial advisers to Aviva on its £3.7bn takeover of insurance group Direct Line in December 2024.
Carlsberg’s £3.3bn takeover of Britvic: Ashurst advised investment bank client Nomura as financial adviser on the £3.3bn takeover of Britvic plc by Carlsberg in July 2024. The deal was one of the UK’s biggest of 2024.
McLaren Group Takeover: As official legal services partner to UK automotive group McLaren, Ashurst advised on the full takeover of McLaren Group by Mumtalakat, the sovereign wealth fund of Bahrain, and the company’s majority owner, in March 2024.
Digital Transformation: Recently, Ashurst has looked to differentiate itself as a leader in innovation and digital transformation. The firm launched Ashurst Advance in 2013, a 'NewLaw' division aimed at delivering legal services to clients more efficiently through low-cost ‘global delivery centres’. To date, the firm has opened centres in Glasgow, Brisbane and Krakow. The centres are designed as extensions to clients’ in-house teams for work like large-scale document review and regulatory compliance.
Legal AI: In June 2024, Ashurst announced the roll-out of legal AI platform Harvey to all its lawyers globally. The move followed a global trial and pilot of Harvey. The firm says it will use the tool to support many aspects of client work including document review, due diligence, drafting and market research.
Ashurst is a full service law firm with expertise across a wide range of practice areas. Its clients include companies, financial institutions and governments.
It's best known for its work in corporate, banking and finance, real estate, and major development projects. The firm has carved out a strong reputation in several key areas:
Banking and Finance: Ashurst is highly regarded for its expertise in complex financing arrangements, including project finance, real estate finance, and restructuring and insolvency. Ashurst is ranked in Band 1 by Chambers for mid-market banking deals for its advice to both borrowers and lenders.
Corporate and M&A: The firm advises on high-profile mergers and acquisitions, private equity transactions, and corporate governance matters, providing comprehensive services to public and private companies. The firm has a Band 3 ranking by Chambers for 'Corporate/M&A: £800m+' transactions.
Energy, Resources, and Infrastructure: Ashurst stands out in the energy sector, particularly in renewables and oil and gas projects. It is also recognised for its work on significant infrastructure projects, including transport and social infrastructure. Its Oil and Gas practice is ranked in Band 2 for by Chambers, while its rail projects department is ranked in Band 1 and has long been one of the best in the City.
Real Estate: Ashurst has one of the City's leading real estate practices. The firm advises across the spectrum of real estate matters, including sales and acquisitions, development projects and financing, planning, disputes, and construction. It has a Band 1 ranking by Chambers for its expertise on the biggest real estate mandates.
We use Chambers rankings to demonstrate a firm's strengths. Chambers is the most highly-regarded provider of law firm rankings in the legal industry. Law firms are ranked in bands from 1 (highest) to 6 (lowest) across a range of practice areas.
It's important to note that being ranked in any band at all is still considered a significant achievement.
Ashurst is considered to be an 'upper mid-market' law firm. It primarily competes with the likes of Herbert Smith Freehills, Norton Rose Fulbright and Macfarlanes. It will regularly face Magic Circle firms on deals and would be considered a good Magic Circle substitute for clients on deals where global clout isn't so important.
Here’s what Ashurst pays its trainees and newly qualified (NQ) lawyers:
Trainee First Year: £52,000
Trainee Second Year: £57,000
Newly Qualified (NQ): £125,000
We have a list of salaries paid by all of the UK’s top law firms here.
Ashurst is the 10th biggest law firm in the UK by revenue. In 2023, its revenue was £879 million.
In 2023, its profit per equity partner (PEP) was £1,170,000.
In 2023, Ashurst’s average profit per equity partner (PEP) was £1,170,000.
This is the total amount of profit available for distribution among equity partners, divided by the number of equity partners at the firm.
This represents the average amount that equity partners are entitled to. Some will receive significantly more, some less. It depends on the firm’s profit-sharing formula and each partner’s seniority.
Salaried partners are not paid from profits.
Ashurst takes on around 40 trainees in London each year.
Trainees complete four seats in different departments, each lasting six months.
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