Legal Business Blogs

RPC accounts show management pay falls to £6m as consulting makes up 1% of revenue growth

RPC has seen its total pay to key management personnel drop to £6m for the 2015/16 financial year, down from £6.3m the year before, while remuneration to the firm’s highest paid member also fell.

The profit attributed to the highest paid member was £840,800 for 2015/16, down from just over £995,000 the year before, according to the firm’s LLP accounts.

While the LB100 firm’s 2015/16 financial report last summer suggest a 1% increase in profits, RPC’s accounts suggest profit available for distribution among members fell slightly to £26,900, down from £27,500 the year before.

Turnover had increased at the firm to around £100m. The firm said that 1% of its revenue growth was from RPC Consulting while 5% came from legal activities.

According to the accounts, the total number of fee earners rose to 317, up from 300, while the total number of support staff was up to 233 from 216. The total number of partners increased to 71 from 67. Staff wages increased by £38.7m for 2015/16 from £35.4m.

RPC recently saw long-term managing partner Jonathan Watmough (pictured) retire from his role after eight years leading the firm. Commercial head Tim Anderson and insurance head James Miller currently run the firm as de facto joint managing partners.

Last week, Legal Business reported RPC had expects to pay more than £3.5m as part of its acquisition of Cambridge software company Marriott Sinclair in 2015. The company is now valued, including goodwill, at £11.5m.

Marriott Sinclair now forms part of RPC Consulting, run by managing partner Rory O’Brien. The launch of the consulting arm has also seen the firm acquire its new office in Cambridge and open an actuarial services office in France with the hire of Stéphane Chappelier in May last year.