RPC has revealed a 10 per cent rise in turnover to £68m for the 2011-12 financial year, while net profit has climbed 9.5 per cent to £23m.
Managing partner Jonathan Watmough said the growth had been largely organic with investments in lateral hires beginning to pay off. In the three years to the end of 2010-11 RPC made 20 lateral hires (4 April 2011).
The firm continued its partnership overhaul during the last financial year, with the promotion of two associates to its all-equity partnership (14 June 2011), a raid on Camerons to launch in Bristol (19 September 2011), the hire of Clyde & Co partner Victoria Sheratt in September (15 September 2011) and the addition of Barlow Lyde & Gilbert partner Mark Errington, who was hired in October to launch the firm’s first overseas base in Singapore (27 October 2011). Despite the changes, the firm’s headcount has only increased by two over the last year to an average of 65.
Average profit per equity partner (PEP) has continued on an upward trend, rising by 8.2 per cent from £327,000 to £3354,000. Over the last five years the firm has improved PEP by 17.6 per cent from £301,000 at the 2007-08 year-end.
While the firm opened in Bristol in January (3 January 2012), Watmough said the office was yet to have a direct impact on turnover and net profit.
The firm is expecting to deliver a bumper year in 2012-13 as the Bristol base beds in and the effects of the firm’s planned Hong Kong base (2 July 2012) begin to filter through.