The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The substantial increase in income during the 2012/13 financial-year was also met with a 16.5 per cent rise in net profit. Last year was the first time profit has dropped at the firm in five years.
RPC is a full equity partnership so the 2013/14 profit decrease had a direct effect on average profit per equity partner, which dropped from 11.5 per cent from £373,000 to £330,000 during the same year.
RPC managing partner Jonathan Watmough attributed the fall in profits to “heavy investment ahead of the curve” and “timing on the delivery of some revenue that has now spilled over into this year”.
The investment includes new infrastructure across the firm, and a new office in Singapore, where the firm raided Ince & Co for its Asia insurance and reinsurance group head Iain Anderson in October (7 October 2013).
The firm’s LLP filings for 2012/13 showed that investment had led to a £2.8m increase in net debt in from £2.3m to £5.1m (5 February 2014).