RPC misses target after 'difficult year'

Reynolds Porter Chamberlain (RPC) has failed to hit its projected £55m turnover, posting a flat result for 2006-07 of £52.9m.

Average profit per equity partner at the all-equity partnership (one of the few left in the City) was also virtually flat, rising by less than £10,000 per partner, from £286,000 to £295,000.

Chief executive Adrian Martin said it had been "a difficult year" in the firm's core litigation and insurance markets, while an office move resulted in two months of "internal focus and internal disruption" and additional property costs.

"My personal view is that we've done pretty well in a tough market on the insurance side," added Martin.

Last year RPC shut down its matrimonial and private client practice to focus on growing its commercial lines.