Ashurst today announces that the full financial integration of
Ashurst LLP and Ashurst Australia has been overwhelmingly approved
by both partnerships and will take effect on 1 November 2013.
This will create a firm of more than 3,500 people, including 1,800
lawyers, across 28 offices in 16 countries, with a combined revenue
of over £550 million/A$930 million.
The vote follows the announcement in 2011 that both firms would
combine their businesses in Asia and re-brand Blake Dawson as
Ashurst in March 2012 and that the firms would commit to merge by
2014. The merger vote was brought forward by six months.
The firm will have a single profit pool allocated on a managed
lock-step system and a single unified management structure
operating globally as one firm under the Ashurst brand.
Senior Partner of Ashurst LLP, Charlie Geffen, said:
"Completing the merger was always set to be a key step in achieving
our ambitions of becoming a global elite law firm. We are delighted
that the vision and strategy have continued to receive such a
strong endorsement by both partnerships. The Asia Pacific market is
predicted to double in size in the next few years and we now have
scale and competitive strength within the region. More broadly, our
expanded global network has resulted in substantial business
opportunities. We have a very strong platform from which to
capitalise on this further and address the continued challenges in
the market and, overall, to deliver on our ambitious objectives."
Padbury, Chairman of Ashurst Australia, added:
"We have achieved a significant amount since we originally
announced our intention to merge and we are very pleased to
progress towards full financial integration. The successful vote
formalises an already strong and productive relationship. Full
financial integration, a single profit pool, a uniform partner
remuneration system and a seamless global governance and management
structure will enhance our ability to effectively serve clients.
The strong relationships that already exist across the merged firm
will be enhanced by our full integration."
Collis, Global Managing Partner, said:
"Over the last few years a great deal of work has taken place
across practices and functions in terms of integrating the
businesses and we have been operating as one firm for some time.
Full economic integration will facilitate even greater
collaboration and flexibility across teams and practices globally,
thereby enhancing client service and opportunities for revenue
growth as well as driving greater efficiency."
Australia Managing Partner, John Carrington, commented:
"The merger of our firms presented a compelling opportunity and the
results we have so far achieved, both for our clients and our
people, reinforce that. Our governance and management structure and
sector focus will, we believe, bring us closer to achieving our key
strategic objectives. Our Australian clients will continue to
benefit from a committed full-service law firm in Australia, with
the added benefit of international reach and expertise, and a
growing platform in Asia Pacific."
Elections for the role of Chair, Vice Chair and the Board will take
place shortly. The Board will comprise 14 members: elected Chairman
and Vice Chairman who will come from different legacy firms;
managing partner; four elected legacy LLP partners; an elected Asia
partner; three elected legacy AA partners; two independent members;
and a non-voting CFO. James Collis has been appointed Global
Managing Partner, Brian Dunlop is the CFO and Robert Gillespie and
David Turner are the Independent Board Members.