Ashurst Reappoints Managing Partner, Sees 'Spectacular' Financial Growth
Firm set for double digit growth across key metrics, partners say.
May 01, 2019 at 05:32 AM
2 minute read
Ashurst global managing partner Paul Jenkins has been reappointed for another four-year term, as the firm completes a "spectacular" financial year.
According to two people with knowledge of the situation, the firm is set to announce double-digit growth in both revenue and profit per equity partner (PEP) later this year.
One person said PEP at the firm will leap by about 20 percent following a profitable 2018-19 financial year.
Jenkins was first appointed as global managing partner in 2016, during a tumultuous time for the firm amid tumbling PEP and slews of partner defections.
Since then, he has overseen a period of financial growth at the Anglo-Australian firm. Last year, PEP increased 10 percent to £743,000, on the back of a 4% increase in revenue from £541 million to £564 million.
One London partner told Legal Week that Jenkins' reappointment "is not just for continuity's sake".
He said: "He's brilliantly organised and works very hard. He's the right person. We're looking at some spectacular results and that's the real test for us.
"It would have been easy for the firm to make a handbrake turn and cut people, close offices etc – but by being trusted, people have turned it around. Morale is high and it's a good place to be."
Ashurst chairman Ben Tidswell said: "We have had an exceptionally strong year and we are seeing the benefits of a significant focus on our clients, our market-leading practices and our people. The board, executive team and partners share a determination to build further on this outstanding success in the years ahead and are delighted that Paul will continue for another term."
Jenkins added in a statement: "The sharp focus on our key priorities and investments has ensured a high level of performance and we are very well positioned to continue this success. I have great confidence in the firm's strategic direction and am excited about the opportunities ahead of us as a global firm."
Jenkins joined Ashurst in 1996 and made partner in Sydney in 2006. He previously co-led the firm's global finance division.
His upcoming term will commence November 1, 2019 and run for four years.
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