| Turnover | £52.9m |
| Profit per equity partner | £286,000 |
| Earnings per partner |
£286,000 |
| Equity spread | £117,000-£510,000 |
| Net profit |
£18m |
| Profit margin |
35 per cent |
| Revenue per lawyer |
£289,000 |
| Revenue per partner |
£820,000 |
| Revenue per equity partner | £820,000 |
| Total number of fee-earners |
271 |
| Total number of assistants |
119 |
| Total Number of partners |
69 |
| Total Number of equity partners |
69 |
| Total number of female partners |
17 |
| Total number of female equity partners |
17 |
| Total number of staff |
496 |
| Leverage ratio (equity partners/fee-earners) |
1:1.8 |
| Representative clients | Associated Newspapers,
Brit Insurance,
Hiscox Insurance,
HMV Group,
WS Atkins
|
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*SELL |
Reynolds Porter Chamberlain (RPC) was the only firm in the top 50 to see profit fall last year. Average PEP fell by 3 per cent to £286,000.
The firm blamed the drop on the cost of jettisoning its private client team and its investment in its new Tower Hill office. It is, however, still operating with an extremely healthy 34.5 per cent profit margin.
RPC has maintained its status as one of the few firms with an all-equity partnership and has no plans to alter this. Its 64 partners are remunerated on a modified lockstep with two tranches. The first of these is purely lockstep-based, while the second is based on performance. During the past year the latter tranche became more important, increasing the top of equity from £480,000 to £510,000, despite a general drop in profitability. The bottom of equity fell by 19 per cent to just £117,000.
Like many of its insurance and litigation-heavy peers (litigation accounts for 64 per cent of the firm's £52.9m turnover), RPC failed to meet its 140-day lockup target. This was due primarily to its lengthy debtors, at 111 days.
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