Charles Russell Speechlys’ financial growth has shrunk after a standout 2020-21 year, including a drop in profit per equity partner (PEP).
Its PEP slid down by 1.3% to £526,000, marking it an outlier in a bumper crop in PEP increases this year among law firms announcing their April 2022 year end results.
Last year, the firm’s PEP skyrocketed by 40%.
The firm’s revenue grew modestly, increasing by 3% to reach £178 million. In the previous financial year, revenue growth hit 8.6%.
The firm’s net profits nudged up by 1.3% to hit £40.1 million, in another stark contrast to the 37.6% increase last year.
However, the firm’s non-U.K. financial results fared better. According to the firm’s statement on Monday, revenue increased by 24% during the year, which was due to new client wins in Switzerland, Paris, Luxembourg and the Middle East offices.
During the most recent financial year, the firm relaunched its office in Hong Kong, and also add several new partners to the base.
Commenting on the results, managing partner Simon Ridpath acknowledged the effects of the more uncertain macro-economic situation: “This year, under a continued backdrop of uncertainty and volatility, we have consciously consolidated our investments into developing our IT infrastructure, improved systems and salaries.
“Despite the global challenges, I firmly believe we can influence business confidence. There is impressive growth outside the U.K., this aligns with our international growth strategy, and I fully expect this trajectory to continue.
Alongside its results, the firm announced the hire of tax partner Nicola Saccardo to its London private client team in London from Italian firm Maisto. Maisto did not respond to requests for comment at the time of publication.