Reynolds Porter Chamberlain (RCP) has seen its turnover rise to £40m, a 12 per cent increase on 2001-2002, and has started to build on its corporate department with the hire of Hammonds partner Barry Stimpson.

RPC chief executive Adrian Martin said the firm’s profits would be up “along similar lines”, but could not give an exact figure as the accounts have not yet been finalised.

Stimpson, a salaried partner at Hammonds, will join RPC as an equity partner, as the firm’s partners all have a share of the profits.

Stimpson is considered to have a solid practice consisting mainly of small-to medium-sized property funds with a range of annuity clients.

According to Martin, the firm – largely known for its insurance and professional negligence work – will take advantage of its counter-cyclical market position and continue to invest in its corporate and commercial practices.

“It’s sensible to keep investing, even in the bad times, and hiring someone like Barry is a sign that we are doing just that,” he said.