Charles Russell Speechlys posts 8% rise in PEP

Charles Russell Speechlys has announced an 8% jump in profit per equity partner (PEP), along with a 3% rise in revenue for the 2016-17 financial year.

The firm’s PEP has increased from £393,000 to £426,000, while its revenue grew 3% from £140m to £144m.

The results are the firm’s second full financial year results since the merger of legacy firms Charles Russell and Speechly Bircham.

In 2015-16, the firm posted a 23% jump in PEP against a 4% rise in revenue.

The two legacy firms merged in 2014 to create a top 25 firm under the Charles Russell Speechlys banner.

Managing partner James Carter said: “With less than 10% of our turnover overseas last year, we enjoyed little benefit from the weaker pound. But after a slow start to the year following the Brexit referendum, activity levels picked up from September and we enjoyed a strong end to the year. The improved profitability reflects the continuing reshaping of the business.”

Carter was re-elected as managing partner last year, alongside Christopher Page as senior partner.

The firm has expanded its international presence recently, launching two offices so far this calendar year.

It opened a Hong Kong base earlier this month with the hire of Richard Grasby from offshore firm Maples and Calder.

The firm also launched in Dubai earlier this year with the hire of King & Wood Mallesons disputes partner Ghassan El Daye.