Capsticks writes off trainee debt after bumper pandemic profits
LPC and SQE loans reportedly written off
Leading healthcare solicitors Capsticks have reportedly decided to spread the wealth after a highly profitable pandemic.
The national law firm, which acts for the National Health Service and Solicitors Regulation Authority, is said to be writing off course loans to trainees and handing out pay increases.
Capsticks apparently told trainees who borrowed 50% of the course fees for their Legal Practice Course (LPC), Graduate Diploma in Law (GDL) or Solicitors Qualifying Examination (SQE) that they no longer have to pay the firm back.
With the LPC — now being phased out in favour of the SQE — priced at up to £17,500, the debt write-off could amount to serious cash money for junior lawyers.
Trainees are also getting a £3,000 pay rise and bonuses are being dished out across the firm as Capsticks partners roll in piles of cash, RollonFriday reports.
The firm’s latest accounts show that turnover grew 7% in the highly pandemic-y financial year ending in April 21, and profit lept from £8.5 million to £10 million.
Capsticks didn’t deny the reports of largesse. Head honcho Rachael Heenan told Legal Cheek:
“During the pandemic it has never been more important to look after our clients and our colleagues in line with our values of People First. We are really proud of the way we support our trainees and teams as they develop through their careers and constantly review what we do to achieve this.”
A surprising number of top outfits powered through the pandemic, profitability-wise. Last year, Simmons & Simmons pledged to donate £2 million to charity after smashing a 35% rise in profits in 2020/21.
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