Charles Russell blames move for PEP drop

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
to £69.5m.

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.”