London-headquartered law firm Charles Russell Speechlys firmwide revenue jumped past £200m over the last financial year.
The firm’s global revenue for 2023/24 was £218.8m, up 13 per cent from £193.7m, which was recorded in the previous year. The firm-wide net profit jumped by 20.5 per cent, from £38.1m (FY22/23) to £45.9m for its 12 offices across the UK, Europe, Middle East and Asia.
The increase in the profit pool has generated an average profit per equity partner (PEP) of £661,000 for its UK partners, up from £521,000 recorded in the previous year.
According to the firm’s managing partner, Simon Ridpath, the “sustained growth” is down to the firm’s strategy which is “steadily bearing fruit”.
He noted the firm has made a number of investments over the last financial year including a swathe of senior hires and the creation of two brand new teams, the private office and its advanced client solutions.
The firm’s performance outside of the UK “remained strong” as international revenue grew by 15 per cent. The notable contributions were from its European offices in Luxembourg, Paris and Switzerland.
However there was a 30 per cent leap in revenue growth in Asia following the launch of its Singapore office last July. While revenue in the UK increased by 12 per cent.
“We have had an extremely busy year in terms of senior lateral hires. This is partly down to our continued drive to bring in high-value work, and also a by-product of our private capital strategy,” he explained.
Outside of the UK, the firm has been rampant on hiring as it on-boarded 22 senior lateral hires to its Europe, Middle East, and Asia offices.
“The partners we have taken on board have not only excellent synergies with our existing practice groups, but many have a distinct private capital element to their work and track records of advising clients on a range of complex and interconnected issues,” Ridpath added.