UK law firm Ashfords has reported strong financial results for 2023/24 with revenues growing by 9% to hit £55 million generating a 7% firm-wide bonus.
The firm also reported a 16% increase in profit before tax, reduced its lock up days by 13% and increased its net cash by £5.3m to £11.8 million.
Commenting on the results, CEO Louise Workman, said: "It has been another strong year for the firm with continued sustainable growth across the business. Our focus is clear – ensuring we have the depth of expertise our clients need and are delivering the service they expect. Working together effectively as one team is a critical part of that, which underpins our firm wide bonus. We now look forward to the future and developing our next five year strategy to 2030.”
Over the last year, the firm advised on a wide range of matters including acting for Pennon on the acquisition of three renewable energy generation projects, advising Somerset Council on the consenting, funding and development of a £4 billion battery gigafactory in Bridgwater by Agratas - Tata Group’s global battery business, acting for BGF and Parkwalk in a $20 million funding round to support a cancer patient monitoring solution, helping Loungers with their continued expansion and the acquisition of a major harbourside venue in Bristol, and advising on over 150 corporate transactions.
Over the last year, the firm continued to build its legal expertise with people numbers up by 10% and with five new lateral partner hires including Commercial Disputes Partner Tom Llewellyn, Employment Partner James Collings, Private Wealth Partner Mike Westbrook, Real Estate Partner Rhiannon Morgan-Williams and Restructuring & Insolvency Partner Melissa George. The number of Legal 500 Next Generation partners also grew by over 60% alongside improved rankings across its commercial, real estate and private wealth divisions.
The firm continues its focus on social mobility and improving access to legal careers through partnerships with the Bristol Future Talent Partnership and The Sutton Trust alongside increasing apprenticeships for school leavers. The firm also supports the new SQE route, providing the opportunity to qualify through the Graduate Apprenticeship or Masters in Law. More broadly, the firm’s responsible business agenda also saw the launch last year of a new three year programme supporting St Mungo’s, The Ocean Conservation Trust and The Trussell Trust.
| Ashfords is a valued legal partner to a wide range of corporate, public sector and private clients across the UK and internationally, counted on by clients to get the right result - whether that’s delivering commercial objectives, protecting family assets, making investments or solving disputes. |
