Ashurst

Ashurst increased pay for its management personnel by almost 40% last year, after a bumper year of double-digit revenue and profit growth.

According to the firm's latest LLP accounts, the firm's top-earning partner also saw their paycheck grow by over a third to £1.9 million, the highest sum on record.

The firm paid out £13.3 million to its management board, up from £9.5 million in the previous financial year.

A spokesperson for the firm said that this was a result of profit growth across the firm and not due to an increase in management personnel overall.

Ashurst grew its operating profit by nearly 18% in the last financial year, rising from £180 million to £212 million. Meanwhile its top line also grew steadily by nearly 14% to £640 million.

The firm also saw its staff headcount and salaries increase by 5% and 10% respectively.

During the last financial year, Ashurst raised the proportion of women on its board to 40%, appointing two new independent directors, Robin Lawther and Wu Gang.

The firm also beat 11 other rivals to a mandate advising Santander on attracting businesses to switch commercial accounts from RBS, as part of a government scheme to boost competition.

More recently, the firm has appointed a global sustainability partner, Anna-Marie Slot, as part of an initiative to assist clients with navigating sustainability issues.

Ashurst also broadened its parental leave policies globally, entitling all of the firm's partners worldwide to at least 18 weeks of fully-paid primary carer leave.

It was a different picture at Magic Circle firm Freshfields Bruckhaus Deringer, where management pay fell by almost 20% last year, according to their latest LLP accounts released last month.

A spokesperson at Ashurst said in a statement to Legal Week: "Our group accounts reflect the strong level of performance and growth across all regions and divisions. The firm continued to place significant emphasis on achieving sustained revenue and profit growth which the accounts reflect.

"Our sustained focus in the last year has delivered for the firm, our people and our clients. We entered FY20 with positive momentum and determination to deliver on our current and future priorities."