Charles Russell has reportedly increased gross revenues by 25 per cent during the first half of the fiscal year.
Managing partner Grant Howell claims that the firm’s billings have jumped an estimated £5m during the first half of 2005/06 to reach £25m, up from an estimated £20m this time last year.
Howell claims the increase leaves the firm on target to improve turnover for 2005/06 by its budgeted 20 per cent. If accurate, this would leave the firm with gross revenue for the year of £60m, compared with £50m during 2004/05.
He did, however, admit that the firm does not expect to replicate the same level of growth in the firm’s profitability, because of the costs incurred by opening offices in Switzerland and Oxford earlier this year.
Charles Russell has reported indifferent profit per equity partner (PEP) figures for the last few financial years, with PEP stagnant at £265,000 during 2004/05.