Charles Charles Russell partners buy into equity
Charles Russell plummeted from £3.3min 2010/11 to £245,844 in 2011/12 as a result of the firm’s restructuring in 2011.
The firm invited all its salaried partners to become fixed-share equity partners, and to put £10,000 into the business. The sum was taken out of annual profits and as a result the partner remuneration expenses came to a total of £245,844 - which was paid to two partners who declined the offer to become fixed-share equity members because they were approaching retirement.
The firm’s accounts show that fee income in 2011/12 was £67.4m, up from £64.1m in 2010/11. Of the £67.4m, around £50.7m came from the firm’s three English offices, while £16.7m was earned by the international offices, in Switzerland and Bahrain.