Ashurst saw its annual revenue match levels recorded in 2019 despite being weighed down by the impact of the coronavirus pandemic in the Asia Pacific region at the start of the year.

The firm’s revenue for the financial year ending April 2020 was £644m, £3m more than 2019. That helped boost average profit per equity partner to £903,000—the second highest since the financial crisis.

Paul Jenkins, Ashurst’s global managing partner, said: “FY20 was a year of consolidation. Our aim in FY20 was to sustain and build on the strong 14% revenue growth we saw in the previous financial year and it was pleasing to see that growth continue. We were on target to achieve a higher level of growth until late January when markets in Asia Pacific, in which we now generate almost 50% of our revenue, were the first to be disrupted by the pandemic. Our other markets were impacted towards the end of the financial year.”

Despite that slowdown causing Asia Pacific revenue to come in 10% lower than budget in the final quarter of the financial year, Jenkins said there were some positives in the region, with its Hong Kong and Singapore offices showing good rates of growth. The firm said it also posted strong revenue growth in its US and Continental Europe offices, while its Australian and UK offices delivered results in line with expectations.

Ashurst said its investment funds and digital economy practices had standout years, posting double digit revenue growth. A strategic focus on its dispute resolution business also saw it achieve double digit growth in the EMEA region.

Jenkins said: “Transforming and growing the business has seen us significantly develop our capability, new lines of business, our operating model and tech platform. To meet client demand, this year we launched Ashurst Consulting, a new business line providing specialist risk and board advisory consulting services.”

He expects Ashurst Consulting to become even more critical as the firm advises clients on their post-Covid recovery plans.

The firm’s NewLaw business Ashurst Advance saw its annual income increase by 34%. The firm also made progress with its diversity and inclusion initiatives, surpassing its 2021 target of ensuring at least 30% of leadership roles are held by women.

Jenkins said he is confident about the year ahead despite the wider uncertainties created by the pandemic.

He added: “We have seen significant recovery in Asia with a return to revenue levels experienced prior to the pandemic and we are also seeing encouraging signs in the UK and Continental Europe.”