| Turnover | £50m | | Profit per equity partner | £270,000 | | Equity spread | £140,000-£294,000 | | Net profit | £13.2m | | Profit margin | 26 per cent | | Revenue per lawyer | £238,000 | | Revenue per partner | £581,000 | | Revenue per equity partner | £1,020,000 | | Total no of fee-earners | 277 | | Total no of assistants | 124 | | No of partners | 86 | | No of equity partners | 49 | | Total no of female partners | 21 | | Total no of female equity partners | 6 | | Total no of staff | 490 | | Leverage ratio (equity partners/fee-earners) | 2.5 | | Representative clients | NTL Group
Axa Art Insurance
EDF Energy
Canaccord Capital (Europe)
Universal Pictures UK
Sotherby's | |
Charles Russell inched past the psychological
barrier of £50m for the first time during 2004-05,
signalling an end to the minimal growth of the previous
year. Turnover rose 12 per cent, up from
£44.6m in 2003-04. However, this positive growth
did not flow through to average PEP, which only
increased by a marginal 2 per cent to £270,000.
This followed an upwards review of the firm's preliminary
results, which showed static profits.
The disappointing profit figures resulted from
an increase in the firm's equity partnership, driven
partially by the hire of Stephenson Harwood's entire
private capital and family team.
A tinkering of the equity structure also meant
that the profit spread widened, with bottom of
equity dropping to £140,000, while remuneration
of plateau partners increased to £294,000. The drop
at the bottom of equity was attributed to the creation
of a number of junior equity positions as a
way of bridging the gap between salary and full
equity partners.
Litigation, private equity and private client were
the busiest areas for the firm, with the private equity
team reporting an impressive year, ranking second
in the AIM flotation league tables after working on
19 deals in 2004.
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