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RPC retains 12 out of 14 NQ solicitors

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Posts whopping 49.5% uptick in partner profits

RPC’s London office

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.”

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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.”

The 2021 Legal Cheek Firms Most List

12 Comments

seems fair

£1,000 pay increase at NQ level but 50% increase in partner profits? Nice

(36)(0)

Wrong

NQ increased from 64k to 70k.

(5)(6)

Wiltshire Diarrhoea Clinic

I assume Bristol just deals with insurance work or something? Bit scandalous 49k over there isn’t it?

(6)(3)

Ra

48 to 49 in Bristol! Shocking

(0)(0)

Lmaobantah

“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.”

Top phat whackkkk right there. Good to know the partners are sharing the spoils.

(3)(6)

Fried F PE

Should have focused on PE. That’s where the money and margins are in City law.

(0)(3)

trickle down

The partners don’t even share the spoils among themselves. The equity spread is insane. Bottom of lockstep is about on par with US NQ rates whilst top of the equity ladder is over £1.5m.

Imagine being a trainee for 2 years and a qualified fee earner for 10 years to become partner, only to find out you’re going to be a salary/fixed equity partner for another 3-5 years before even getting on the first stage of the lockstep meaning you will hit 40 before making over £200k p/a gross? Oh wait, any real lawyer can imagine that, because that’s the reality of the profession.

If you want to make money in law, go finance and go in-house at a financial institution. Or tax law and be a wealthy person that will never be invited to a party ever again.

(6)(3)

Old Guy

Quite interesting that people seem to think a salary of £200k at age 38 with the promise of even greater rewards in your 40s and 50s with consistent performance is somehow a rough deal. Because 150 or so associates at any one time in US firms in London earn more does not mean that is not a very good salary. Partnership is not the end, it is a continuation of your career, and anyone who thinks it is the point at which untold riches fall from the heavens as a thank for 10 years of labour as an associate is severely mistaken. All these money law articles are really confusing people.

High paying inhouse legal jobs in finance are rare. Barclays, HSBC and the rest of the big banks are lousy places to work as legal counsel, and they do not pay their Heads of Legal any more than a partner at a shop like RPC. If you are talking about the handful of inhouse jobs at funds and PE firms, they are very (very) rare, and in most cases you need to have a link to get in i.e. work at Lathams/Slaughters, go on secondment, impress then move over, or be a partner at Travers, work closely with a fund and then get hired when the GC retires.

(11)(0)

KIRKS 4PQE DEALMONSTER

😂

(5)(5)

RPC Associate

RPC is a great firm to work at, but they are still pretty far off the pace when it comes to salary. They will continue to lose talent unless they up salaries by c. £10k across the board. I’m not talking huge increases, just what is required to be mildly competitive.
Target hours for bonus should be reduced to 1,400 or 1,500 at the current salary level.

(4)(2)

Future Joiner

What’s the target hours for a bonus, and what percentage of your basic salary/defined bonus do you get? Does the scheme differ between the London and Bristol offices? Thanks

(1)(0)

Ex RPC trainee

Target is 1575 annual and a minuscule bonus if hit target which increases for each extra 100 billed. The work is available but I’d rather work hard still and be paid better at a competitor

(0)(0)

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