Charles Russell Speechlys has become the latest international firm to post flat partner profits, citing difficult markets, increased people costs and political instability.
Income grew 8.7% in the year ended 30 April to £193.7m, generating net profit of £37.1m. Average profit per equity partner dipped to £521,000 from £524,000 in 2021/22.
Income grew 18% outside the UK, 'driven in part by strong contributions from the European offices in Luxembourg, Paris, and Switzerland, coupled with numerous partner hires and client wins, as well as strong overall sector performance across the firm’s core divisions'.
Managing partner Simon Ridpath said: 'It has been a steady year of growth, particularly for our offices outside the UK. This is despite the significant headwinds we have observed in recent months relating to difficult markets, increased people costs and political instability. We have worked hard to cater for the changing demands of our private capital clients and their businesses, and this continues to be at forefront of our firm strategy. We have also placed great emphasis on investing back into the business to benefit our people, so that we are well set up to flourish.’
CRS recently launched a Singapore office. A private office that launches officially in September 'is a direct response to the firm’s client listening project’. It allows the firm 'to provide a service to clients who feel as though legal expertise is a given in law, and who require a more bespoke and strategic approach to their family, personal and business issues'.
Upgraded staff benefits include improvements in family-friendly and reproductive health policies, as well as long-service salary increases. Those taking maternity, adoption or surrogacy leave will receive 26 weeks at 100% of their salary plus eight weeks at 50% of their salary, followed by 13 weeks of statutory maternity pay, as well as up to 12 weeks leave paid at 100% of their salary when taken as either paternity or shared parental leave.
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