Despite posting a 3.6 per cent rise in turnover, from £22.5m in 2009-10 to £23.3m in 2010-11, Russell-Cooke dropped five places in this year’s listing.
The firm’s public sector practice, which has a big focus on charities, continues to suffer in the current climate. But this was offset by rises of around 10 per cent in commercial property, company and commercial, employment and litigation. The firm’s matrimonial practice was the most impressive, growing by 50 per cent.
Russell-Cooke’s all-equity partnership essentially decides its own remuneration. Partners put forward a business plan to the board, which comprises the senior partner, managing partner, chief executive and five elected partners, at the beginning of each financial year.
The firm’s management is focused firmly on becoming more competitive in a flat economy. But according to senior partner John Gould, Russell-Cooke has cash reserves of around £10m, which it plans to use to invest in its infrastructure and support services.
Most recently the firm acquired 30,000sq ft of office space in Putney, which it hopes to fill gradually over the next two years.