Two international firms have reported double-digit growth in profit figures as the City legal sector continues to defy wider economic uncertainty. 

Charles Russell Speechlys this week announced firmwide revenue growth of 13% to £218.3 million in the year ended 30 April. UK revenues increased by 12% and net profit increased by 20.5% to £45.9m (FY23/24), generating an average profit per UK equity partner of £661,000. 

Simon Ridpath, managing partner, said: 'Our results this year paint a picture of sustained growth and a firm strategy that is steadily bearing fruit. The fact we continue to see strong revenue and profit numbers and investments back into the firm bodes well for the future, and we remain fully confident in our strategy.'

The firm's core focus remains firmly on private capital, he said, citing challenges such as political instability and rapid technological development. 'Recruiting and retaining talent remain prominent headwinds,' he added. 

Meanwhile Ashurst reported profit per equity partner increasing by 14% to £1.3 million in the year to 30 April, surpassing the previous record of £1.2m. Revenue grew 9% to £961m. The firm says it has achieved average revenue growth of 8% each year and average profit growth of 10% each year over the past eight years.

Paul Jenkins, global chief executive, said the firm is budgeting to have its first year of revenue above £1 billion in 2024-25. 'We are centred on our priority industries, practice areas and markets, combined with the delivery of integrated solutions that bring together teams across legal and consulting services,' he said. 'This is a trajectory that really works for our business and is bearing fruit for our clients.'