Top 50 firm reviews strategy with UK merger high on agenda

Charles Russell is set to overhaul its partnership and restructure around industry sectors as part of a comprehensive review that also sees the firm setting its sights on a UK merger.

The UK top 50 firm has drawn up a new three-year plan to take it through 2013, with a UK merger forming a key plank of the strategy. Failing this, the firm's management hopes to grow in London through bolting on team hires. It has already explored mergers with a number of firms in recent years, including at least one in the top 50.

Other parts of the review see Charles Russell moving away from practice groups to sector lines. As part of this, the firm has increased the number of sectors it covers from four to nine – adding energy and natural resources; family; private wealth; retail, design and leisure; and property – with leaders for each sector still to be decided.

These sectors sit alongside the existing charities and not-for-profit; healthcare; sport; and technology and communications focuses.

Charles Russell is also considering scrapping its salaried partner rank and moving to a two-tier structure, comprising fixed-share and equity partners. The move is being discussed by a board sub-committee and would affect 37 salaried partners.

The board is also looking at how to retain lawyers after age 60, the current exit age for equity partners. It wants to make it easier for older lawyers to stay on either as fixed-share partners or consultants.

Charles Russell managing partner James Holder (pictured) commented: "This is by far one of our most comprehensive strategic reviews. We are looking at opportunities to achieve our strategic objectives and part of that is to be aware of what is out there – including merger potentials or growth through bolt-ons."