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."
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