Charles Russell has recorded a 39.7 per cent drop in average profit per equity partner (PEP) for the 2008-09 financial year.
The firm announced a PEP of £235,000, down from £390,000 last year. Total revenue was also down, dropping by almost 2 per cent, from £70.7m
Managing partner James Holder highlighted the relocation of the firm’s London headquarters to Ludgate West as a contributing factor to the lower PEP.
He said: “One of the most significant factors that affected our PEP last year was the fact that we incurred the costs of a major office move.
“PEP was also affected by costs we were incurring for the first time in other offices, which we’ve only recently opened and where the benefits are expected to accrue over a longer period.”