Russell Jones & Walker
UK 200 RESULTS 2010
Movement since 2009
Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):
UP
40.6
404
227.27
215-450
8.9
22
184.5
300.7
738.2
1,845.5
220
135
55
22
15
5
411
5.14
It was another year of expansion at Russell Jones & Walker (RJW), which saw turnover rise by 17 per cent during 2009-10, from £34.7m to £40.6m. The firm has a strategic objective to grow across three revenue streams: volume work generated by its Claims Direct business; specialised consumer work targeted by 4 Legal; and higher-end legal advice provided by RJW.
Over the past year RJW has ploughed investment into the firm and re-established itself in private client. In January RJW raided Cheshire-headquartered Gorvins Solicitors for a family practice led by Amanda McAlister and its senior partner. As part of the deal RJW also acquired Gorvins’ Milton Keynes base.
The cost of this investment was soaked up during 2009-10, yet the firm managed to grow net profit by 31 per cent, from £6.8m to £8.9m. This gave the firm’s 22 equity partners an average profit per equity partner figure of £404,000, up by 12.8 per cent from £358,000.
Traditionally RJW has kept its equity tight, but more recently the firm has begun making direct hires to the equity partnership. This has grown from 19 partners in 2008-09 to 22, with the firm’s overall partnership headcount growing from 47 to 55.
The bulk of RJW’s revenue is contributed by its litigation practice, accounting for 82 per cent of turnover, or £33.29m.
Several big cases contributed to that figure, including partner Richard Langton’s successful group litigation order brought on behalf of more than 1,500 people against Argos, Land of Leather and Walmsleys in the ‘toxic sofas’ case. The firm is currently looking to increase its involvement in this market while also building up its property team in Manchester.
UK 200 RESULTS 2009
Movement since 2008
Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):
UP
34.7
358
197.9
190 - 400
6.8
20
191
324
738
1,826
182
107
47
19
11
3
408
4.63
Russell Jones & Walker (RJW) has bulked up its equity partnership for the first time since it restructured the firm in 2002.
In December 2008 the firm promoted employment partners Paul Daniels and Julie Morris and personal injury (PI) lawyers Liz Dux and Paul Sankyhas.
Since laying off 40 staff in 2002, RJW has refocused on PI, a move that has created some tension in the ranks. After a number of high-profile departures, such as Neill Blundell who moved to Eversheds, the firm spent much of the 2008-09 financial year recruiting.
Hires included Clyde & Co HR director Mike Hannay and PI partner Kimberly Owen from Davies Arnold & Cooper.
The firm is still in the midst of a transformation and is planning to branch out into a wide range of consumer services.
NEWS
Russell Jones & Walker acquired by listed Aussie firm Slater & Gordon
Russell Jones & Walker (RJW) is to be acquired by Australian listed firm Slater & Gordon.
