RPC and Taylor Wessing join the double-digit growth club
The firms are the latest to report strong growth in 2017-18
February 11, 2019 at 02:58 AM
2 minute read
RPC and Taylor Wessing have notched up double-digit revenue rises in their last financial year, according to their latest limited liability partnership accounts.
Taylor Wessing grew turnover by 11% to £143m, while its highest-paid partner took home £1.2m, a 19% increase on the previous year's top earner. Its management team saw a 20% pay rise to £6.9m.
The firm's staff headcount remained at 563, but staff costs rose by 8% to £49.5m. The average number of members at the firm fell by four to 98.
At RPC, turnover rose almost 11% to £109.6m in the 12 months to the end of April last year, up from £99m in the previous year.
Pay to its top earner rose almost 18% to £1.1m – but its management pay fell back nearly 9% to £5.9m.
Staff costs rose 7% to £54m, on a 4% increase in headcount to 613. However, its average number of members remained unchanged at 72.
The firms are the latest in the top 50 to show double-digit gains in their latest financial reports. Last week, Travers Smith and Freshfield Bruckhaus Deringer also reported revenue gains.
Travers' revenue jumped 17.5% to £145.7m while operating profit rose 20% to £67m. It paid out a record £2m to its top earner on the back of the strong performance. Freshfields' global profits surged by 15% to £481m.
Among those firms lacking a double-digit performance, the limited liability partnership accounts for Stephenson Harwood for the 2017-18 financial year showed it grew revenues 7% to £191.7m and its top earner payout remained flat at £1.3m.
Its also showed staff costs were up by just over 11% to £64.3m, as headcount rose almost 8% to 977.
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