City law firm RPC has recorded a 16% rise in its first half-year revenue from £38.7m in the same period last year to £46m. The firm said the rise, covering the period May to October, was a ‘direct result’ of its investment strategy and was spread across most of its practice areas and offices.
Managing partner Jonathan Watmough said: ‘This is where I’d hoped we’d be and puts us in a good position to push on into the second half of the year, which is traditionally stronger for us. These results demonstrate that our investment strategy is delivering the way we’d planned it.’
In July, the firm posted mixed financial results for 2013/14, with revenue up 3% to £84.1m – representing growth of 40% since 2011 – but partner profits down by 6% to £26m. Profit per equity partner (PEP) came in at £338,000 for the period, a 9% drop on last year’s figure of £372,000. The firm did not report a profit figure for the half-year.
The firm this year notably strengthened its insurance and marine capability in the UK and Asia with the hire of senior litigation partner Leigh Williams from Clyde & Co and shipping and international trade partner Steven Wise from Holman Fenwick Willan (HFW) in Hong Kong.