Olswang's profits down, Charles Russell's profits up

Olswang’s limited liability partnership accounts show that the firm’s profits fell from £31.6m in 2009-10 to £29.3m last year. The firm’s highest paid member took home the sum of £681,000 last year. 
Meanwhile, Charles Russell’s accounts show that the amount received by the highest paid member fell by nearly 28% from £404,767 in 2009-10 to £293,046 in 2010-11. The firm explained that the drop was the result of inflated figures from the 2009-10 period, which had included a provision to a retired partner.

 The firm's revenue increased by 2.1% in 2010-11 to £64.5m, with profits per equity partner climbing by 2.7% to £235.4m. Charles Russell chief operating officer Andy Staite said: "We were happy with our performance in 2010-11 and it was in line with our budget.

Fee income for the first half of 2011-12 was around 7% up on the previous year and although we were expecting tougher conditions in the second half we hope to achieve budget this year also."

Olswang's profits down, Charles Russell's profits up legalweek.com legalweek.com Mon, Jan 30, 2012