Ashurst
Global law firm, now Ashurst Perkins Coie after a $2.8bn merger, strong in UK, APAC, US.
On the record
Checkpoint: First full combined financial results for Ashurst Perkins Coie
The call
Ashurst Perkins Coie enters 2028 as a bigger, merged firm, its results still to be tested against AI's grip on associate work and rival consolidation.
Ashurst Perkins Coie is a large international law firm created in 2026 by combining two established practices. It does complex legal work across multiple countries, which is hard to replace because clients trust long-standing relationships, lawyers need official licenses to practice, and coordinating cases across borders requires deep experience that AI cannot fully do. The real threat is not that AI will replace lawyers, but that AI will make legal work cheaper and faster, squeezing the profits that fund partnership pay, while rivals like HSF Kramer and Hogan Lovells are doing the same mergers at the same time, all chasing the same shrinking value. The turning point will come in 2028 when Ashurst reports its first combined results and we learn whether the merger actually worked and whether the firm held onto its partners and clients.
Why
01
AI pressure: Harvey (AI legal assistant), rolled out firmwide since 2024. Harvey and similar tools cut junior associate hours, squeezing the billable ladder that funds partner pay. Could AI do the core job? Unlikely.
02
Bigger players: HSF Kramer and other transatlantic mega-mergers (Hogan Lovells/Cadwalader, Taylor Wessing/Winston & Strawn). Rival firms are combining at the same scale, resizing the top tier around Ashurst Perkins Coie's new 20-country footprint. Could a giant copy it? Probably.
03
What protects it. Bar admission, decades-long client relationships, and regulated liability work that AI and rivals cannot simply copy.
What would change this call
Ashurst Perkins Coie's first combined financial results, due 2028, versus HSF Kramer's $2.4bn FY26 benchmark. Shows whether the merger is closing the gap with HSF Kramer or falling behind.
Further partner departures from Ashurst Perkins Coie to rivals like Baker McKenzie through 2027-2028. Would signal integration friction and loss of client relationships to competitors.
Revenue vs PEP growth trend reported in Ashurst's FY27 and FY28 annual results. Would show whether AI-driven margin compression is outpacing alternative-fee repricing.
Further partner departures from Ashurst Perkins Coie to rivals like Baker McKenzie through 2027-2028. Would signal integration friction and loss of client relationships to competitors.
Revenue vs PEP growth trend reported in Ashurst's FY27 and FY28 annual results. Would show whether AI-driven margin compression is outpacing alternative-fee repricing.
Key numbers
- $2.8bn merger with Perkins Coie completed 28 June 2026
- FY26 revenue £1.152bn, up 11%, PEP up 15% to £1.592m
- 52 offices, 20 countries, 950+ partners post-merger
Named risks
- Multi-year merger integration with no combined financial results until 2028.
- Partner and lateral attrition during 2026-2028 integration window.
- AI-driven margin compression on associate-leverage economics outpacing repricing.
- US merger influence could face resistance in independence-minded Australian legal market.
- New Australian mandatory merger control regime (effective Jan 2026) adds regulatory scrutiny.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| HSF Kramer | gaining on | Completed transatlantic merger a year earlier, posted $2.4bn FY26 results 23 Jul 2026 first |
| Magic Circle firms (A&O Shearman, Clifford Chance, Freshfields, Linklaters) | losing to | Ashurst ranked 55th globally pre-merger, below top-tier Magic Circle incumbents, mid-2026 |
| Baker McKenzie | losing to | Poached Ashurst's London ECM head and US securities head, Nov 2025 |
| Taylor Wessing/Winston Strawn, Hogan Lovells/Cadwalader | contesting | Parallel transatlantic merger votes in 2026, same consolidation playbook |
Questions people ask
- Is Ashurst profitable in 2026?
- Yes. Pre-merger Ashurst reported FY26 (year ended 30 April 2026) revenue of £1.152bn, up 11%, with profit per equity partner up 15% to £1.592m, its tenth consecutive year of growth, as of 23 June 2026.
- Did Ashurst merge with another law firm?
- Yes. Ashurst completed a $2.8bn transatlantic merger with US firm Perkins Coie on 28 June 2026, forming Ashurst Perkins Coie, a 52-office firm across 20 countries with 950+ partners and 3,500 client-facing practitioners.
- Could AI replace lawyers at Ashurst?
- Unlikely for core advisory work. Ashurst rolled out Harvey AI to all 4,000+ staff in June 2024 for document review and research, but licensing and liability rules keep advisory work with lawyers; AI-enabled service revenue grew over 50% in FY26 as efficiency gains, not headcount replacement.
- Who is Ashurst's biggest competitor?
- Herbert Smith Freehills Kramer (HSF Kramer), a fellow Anglo-Australian firm that completed its own transatlantic merger with Kramer Levin a year earlier and reported $2.4bn revenue and $2.1m profit per equity partner in its first post-merger results, 23 July 2026.
- Who owns Ashurst?
- Ashurst was a private LLP owned by its partners, with no external investors. It merged into Ashurst Perkins Coie on 28 June 2026, now co-led by Global Co-CEOs Bill Malley (ex-Perkins Coie) and Paul Jenkins (ex-Ashurst).
- Is Ashurst laying off staff?
- No mass layoffs were reported; instead the firm saw lateral partner departures during its 2025-2026 merger process, including its London ECM head and global head of US securities leaving for Baker McKenzie in November 2025, amid otherwise reported headcount growth.
Timeline
- 2026-07-23Rival HSF Kramer reports $2.4bn FY26 revenue, first post-merger results, sets benchmark
- 2026-06-28Ashurst completes $2.8bn merger with Perkins Coie, forms Ashurst Perkins Coie
- 2026-06-23Ashurst reports pre-merger FY26 revenue of £1.152bn, up 11%, PEP £1.592m
- 2026-04-13Partners of Ashurst and Perkins Coie vote to approve merger
- 2026-01-01New Australian mandatory merger control regime takes effect
- 2025-11-17Ashurst and Perkins Coie announce intent to combine into top-20 global firm
- 2025-11-01London ECM head and global head of US securities depart to Baker McKenzie
- 2025-07-01Ashurst surpasses £1bn revenue for first time, FY25 up 8% to £1.034bn
- 2024-06-24Ashurst launches global Harvey AI rollout to all 4,000+ staff
Revision history
26 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Perkins Coie and Ashurst Finalize Combination (2026-06-28)
- Ashurst surpasses GBP 1b revenue (2025-07-01)
- Ashurst revenue rises 11% to £1.15bn (2026-06-23)
- Ashurst marks a decade of consecutive growth (2026-06-23)
- Ashurst LLP
- Law Firm Profile (2026-05-13)
- Ashurst Number of Employees 2026 (2026-06-29)
- Perkins Coie and Ashurst Announce Intent to Combine (2025-11-16)
- Ashurst launches global Harvey partnership (2024-06-24)
- Outpacing the AI revolution (2026-03-31)
- Bakers hits Ashurst for London ECM duo (2026-07-21)
- HSF Kramer revenue reaches $2.4bn in first post-merger results (2026-07-23)