Posts whopping 49.5% uptick in partner profits
International law firm RPC has confirmed an autumn 2021 trainee retention rate of 86%.
From a qualifying group of 14, RPC confirmed 12 newly qualified (NQ) lawyers had secured permanent roles. Ten are based in London and two in Bristol.
Departmental destinations include commercial & banking litigation; commercial, technology & outsourcing; construction; corporate; cyber; IP & technology; white collar crime & compliance; and professional & financial risks.
The Legal Cheek Firms Most List shows NQs in London will receive a recently improved salary of £70,000, while their counterparts in Bristol will earn a freshly uplifted £49,000.
Commenting on the result, RPC partner and training principal, Parham Kouchikali, said:
“I am very pleased that our retention rate remains high, this speaks volumes of the talented people that are attracted to RPC and the quality of our training programme to retain these ambitious individuals. I want to congratulate all our trainees who are making this important transition.”
He continued: “They have shown real enthusiasm, skill and resilience completing parts of their training contract remotely. I wish them the very best as they embark on the next stage of their career.”
RPC also confirmed its latest financial results, revealing sizeable upticks to both revenue and partner profits.
The firm’s revenue reached £136 million across its London, Bristol, Singapore and Hong Kong offices, an increase of 23% on the previous year, while profit per equity partner (PEP) hit £634,000, a whopping 49.5% boost from £424,000. Net profit jumped to 34.8%, an increase of 6%.
RPC said the strong results “reflect just how unbelievably hard our people have worked over this past year, and in especially challenging circumstances for many of us and our clients.”