RPC records 23% revenue hike, driving up PEP by 49.5% to £634k
London firm puts blistering performance down to strength of core areas including commercial and financial markets disputes, retail and insurance
Top 40 UK firm RPC has become the latest to announce a rise in revenue and PEP in this year’s bumper crop of financial results.
The firm's total revenue for the financial year 2020/2021 (FY21) was £136m across its offices in London, Bristol, Singapore and Hong Kong, an increase of 23% on FY20 (£110.1m) and 26% on FY19 (£108m). The firm’s net profit margin rose to 34.8%, an increase of 6% on FY20 (28.8%), while PEP jumped to 634k, an increase of 49.5% on FY20 (£424k).
Managing partner James Miller commented that the 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.”
RPC, which said it has avoided furloughing or making redundant any employees over the course of the pandemic and hasn’t needed Government support, saw a rise in revenue across all its offices. The firm cited the strength of its core areas, including commercial and financial markets disputes, retail, insurance, regulatory and technology and media, as supportive of its growth.
Miller added: “The numbers speak to our high-performance culture, commitment to clients and the quality of our people. While the news is undoubtedly very positive for our business, they are set against a backdrop of many people – and many businesses – experiencing a very challenging year; both professionally and personally.”
Having lost a number of lawyers to local rivals Drew & Napier the previous year, RPC hired a commercial disputes team in Singapore from Bird & Bird last May and added Tom Purton, former head of the commercial, IP and technology department at Travers Smith, as a partner in January.
The firm also announced in May that it was expanding its insurance platform with the launch of Global Access Lawyers, an international network intended to give clients greater access to insurance law specialists across different markets. Australia’s Colin Biggers & Paisley, Canadian firm Miller Thomson, Dutch firm Kennedy Van Der Laan and MHN & Partners in France were named as the firms joining RPC’s existing offices in the UK and Asia.
The firm declined to comment on its plans for remote and flexible working after the pandemic.