RPC London officeRPC is Latest to Announce Drop in PEP
The firm's revenue growth has also slowed, mirroring disappointing results at other top U.K. law firms.
July 27, 2020 at 08:01 AM
2 minute read
RPC's profit per equity partner has fallen and its revenue growth has slowed according to the latest disappointing set of top U.K. law firm results.
The firm's revenue increased by 1.3% to £110.1 million in the financial year that ended in April, compared with a 3.7% uptick the previous year. Its PEP figure has also dropped 2.2% to £424,383 from £433,340. Total profit fell to £31.7 million from £32.6 million the previous year.
Managing partner James Miller said the figures were in line with expectations, following the decamping of various practices during the financial year, including its construction and projects practice in the U.K. and the Hong Kong marine practice.
Excluding these practice departures, the firm's billed revenue climbed by 7%.
Despite this, the firm bolstered its London restructuring practice with a DWF team hire in January. Meanwhile in November, RPC abandoned its all-equity partnership structure while introducing a number of new senior-level roles including salaried partner, of counsel and senior associate.
RPC joined several other firms in taking financial measures to combat COVID-19 pressures in April. It deferred partner profit payouts while applying a "sliding scale" reduction to monthly drawings of up to 20% for all partners.
Miller added: "Looking ahead, we have started the new financial year as positively as we ended the last one and I remain very optimistic that the future – despite considerable economic and political uncertainties and the challenges faced from COVID-19 – will bring exciting new opportunities with existing clients as well as new." The numbers are the latest set of muted figures to be unveiled by top firms this year. Firms including many of the Magic Circle has also posted falls in revenue or profits.
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