Ashurst partners' pay put on hold
30 November 2012
Partners at Ashurst
have seen their distributions deferred after a slump in business.
The firm's paymasters have cancelled this quarter's distribution of profits after half-year revenues slipped 6% on last year, as reported in The Lawyer
. Instead of receiving their customary wedge, partners will have to survive on their (probably still mahoosive) monthly drawings until at least next Spring. And there's no guarantee it will be paid then unless work picks up: a spokeswoman for the firm would only say that they "expect to do so in the next quarter
". A cut-price festive season looms...
Ashurst staff offer their sympathies
Ashurst does have one card up its threadbare sleeve, however. Unlike many firms, when it falls short it refuses to borrow money to help pay distributions, preferring to stay debt-free. And average profit per partner is actually up from £723,000 last year to £744,000 this year. So the prudent partners of Ashurst may be in ruder health than their blinged-up peers. Something to cling to when they're eating cold beans from a mug for the ninth week running.