More exits for Ashurst as CFO Dunlop leaves
Dunlop's exit follows disappointing financial results at the firm, including a 19% fall in PEP
July 26, 2016 at 05:47 AM
2 minute read
Ashurst's chief financial officer (CFO) and board member Brian Dunlop has left after three years with the firm.
In a statement, a spokesperson for the firm said that Dunlop would be "taking a career break before embarking on a new challenge".
The firm is understood to have already kicked off the search for a new CFO.
Dunlop's resignation follows several departures from the firm's partnership and disappointing financial results.
Dunlop joined Ashurst in May 2013 from Allen & Overy (A&O), where he was CFO for London from 2009.
Prior to joining A&O in 2009, Dunlop held positions at real estate developer Stanhope Properties and telecommunications company Marconi.
Earlier this month, Ashurst announced falling revenue and profit per equity partner (PEP) for the second year running, with PEP dropping to an 11-year low.
The firm's turnover dropped by 10% to £505m in 2015-16, down from £561m last year. PEP plunged further still, with partners to take home an average of £603,000, 19% down from last year's figure of £747,000.
Since 2013-14, PEP has tumbled by 24.7%, with revenue declining by 14%. The average PEP figure that the firm has posted this year is the lowest at any point since 2004-05, when it stood at £567,000.
The results follow a turbulent year for the firm, which is set to close offices in Rome and Stockholm, leaving Ashurst with a single Italian office – in Milan – and without an office in Sweden.
The past 12 months have seen a number of partners leave the firm. Most recently, Latham & Watkins hired Rob Moulton, Ashurst's global co-head of financial regulation in London. In April, financial regulatory partner James Perry left for Gibson Dunn & Crutcher, reuniting him with several former colleagues, including former Ashurst senior partner Charlie Geffen. Later that month, London capital markets partner Jonathan Parry moved to White & Case.
However, the firm has recently made several hires to its London partnership from King & Wood Mallesons.
Real estate partner duo Darren Rogers and Patrick Williams, along with finance partner Rob Andrews, have all been hired by the firm.
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