Charles Russell and Shoosmiths report turnover and profit growth
Legacy Charles Russell hiked fee income 7.4% ahead of its merger with Speechly Bircham in November last year
January 26, 2015 at 06:59 AM
2 minute read
Fee income at legacy Charles Russell jumped 7.4% in the last financial year before its merger with Speechly Bircham, the firm's accounts reveal.
The financial statements for the 2013-14 financial year released by Companies House today show total fee income was £73.6m for the year, up from £68.5m the previous year.
The firm reported that it made £55m of the revenue from its UK offices, whereas the overseas bases in Geneva, Bahrain and Qatar accounted for £18m of revenue.
Personnel costs rose to £29.6m up from £25.7m, in part due to an increase in the average fee earner headcount to 256, up from 230.
Total operating costs rose 8.6% to £53m, up from £49m. This rise impacted on the firm's operating profit, which grew at a slower rate to its revenue rising 3.9% to £21.4m, up from £20.6m.
Capital contributions by LLP members rose four-fold, jumping to £2.7m, up from £545,000.
The accounts contrast with those of legacy Speechly Bircham, which finalised its merger with Charles Russell on 1 November last year. Speechlys' accounts showed a slight dip in net profit from £18.4m to £17.5m and a fall in revenue, which fell from £57m to £56.6m.
Profit per equity partner (PEP) rose 16% in Speechlys final financial year though, with full equity partners at the firm taking home an average of £313,000 in 2013-14, an extra £44,000 on top of what they were paid in the previous financial year.
Shoosmiths' accounts for 2013-14 were also released today. In the accounts the firm reported a £6m increase in turnover to £93m, and a rise in operating profit to £12.5m, up from £11.5m.
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