Revenues and pre-tax profits grew by 9% and 16% respectively at Ashfords, the UK law firm with a base in Bristol, in its last financial year.
The firm, which employs more than 500 people across its four offices, said the £55m in revenues achieved in 2023/24 had generated a 7% firm-wide bonus – the same as in the previous two years. 
Pre-tax profits came in at just over £23m while net cash increased by £5.3m to £11.8m and staff numbers rose by around 10%.
Growth in both revenues and pre-tax profits was higher than the previous year, when they were 3% and 10% respectively.
Ashfords CEO Louise Workman, pictured, described 2023/24 as 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,” she added.
“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.” 
During year the firm advised on a wide range of matters, including acting for utility group Pennon on the acquisition of three renewable energy generation projects, advising Somerset Council on the consenting, funding and development of the £4bn Tata Agratas gigafactory in Bridgwater, and working with investors BGF and Parkwalk on a $20m (£15.2m) funding round to support a cancer patient monitoring system.
It also supported Bristol-headquartered café/bar chain Loungers’ continued expansion, including the acquisition of its largest outlet to date on Bristol’s Harbourside as well as advising on more than 150 corporate transactions.
The firm continued to build its legal expertise with staffing up by 10%, including five lateral partner hires – 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.
Meanwhile, the number of its lawyers acclaimed as ‘next generation partners’ in the respected Legal 500 guide soared by more than 60% alongside improved rankings for its commercial, real estate and private wealth divisions.
The firm continued 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.
It also supported the new SQE route, providing the opportunity to qualify through the Graduate Apprenticeship or Masters in Law.
Ashford’s responsible business agenda was further strengthened during the year with the launch of a new three-year programme supporting St Mungo’s, The Ocean Conservation Trust and The Trussell Trust.
