alms for capsticks

St Partner of Capstick, distributing alms to the poor (trainees).


After a bumper pandemic acting for the NHS, Capsticks has decided to forgive its trainees' debts and hand out bonuses, RollOnFriday understands.

Previously, Capsticks paid 50% of the cost of its trainees' LPC, GDL or SQE, and provided a loan for the remaining half. But Christmas has come early and "All those who currently have loans with the firm, will have their loans written off effective immediately on 1 May 2022", said a source.

In addition, Capsticks has helped the needy and handed out a £300 net "costs of living award" to anyone across the firm earning £30,000 or less, and awarded a bonus of one week's pay to everyone "as a thank you".

Trainee pay has also been reviewed, according to a source. Regional trainee pay has been hiked from £25,500 to £28,000 in the first year and from £26,500 to £29,000 in the second, while in London it's been raised by £3k in both years, to £34,500 and £35,500 respectively.

The firm did not respond to requests for comment, so the reports of charity have not been officially confirmed. But given how well the firm, and particularly the partners, made out during the pandemic, staff should be storming the corner offices if they haven't been given an extra slice of the pie. 

Introducing a glowing set of accounts earlier this year, Capsticks revealed that profit in 2021 "increased to £10 million from £8.5 million the year before", due to "the sectors we operate in", which very relevantly includes the booming healthcare market. The highest earning of Capsticks' 19 equity partners was paid £654k, up £100k from the year before.

The firm still called down £93,000 in government Covid grants in 2020, although unlike some others it not only protected existing jobs, but increased its workforce that year, and did the same again in 2021 when it employed an additional 36 fee-earners and 12 administrative staff. Against the background of a soaring upwards trajectory during the pandemic, it would have been hard for the business not to cut cheques for workers.

One source said that junior lawyers' pay has been a "massive gripe" at Capsticks for several years, although others said in the RollOnFriday Best Law Firms to Work At 2022 survey (for which Capsticks didn't furnish enough respondents to qualify) that the firm's offering was already fair in the context of its competitors. Lawyers said it offered a generous work/life balance, with the added bonus that its clients "are not faceless companies but organisations like the NHS who do so much good".


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Comments

Anonymous 13 May 22 08:10

According to the Law Society Gazette a lot of firms and their partners made bumper profits thanks to furlough grants, CBILS, the SDLT and VAT holidays and redundancies.

Any that aren’t sharing those profits with the fee earners who took salary cuts and worked through the pandemic should be named and shamed. 

Plastic smiles and a superficial charm won’t cut it anymore. Put your hands deep into your pockets partners. 

Anonymous 13 May 22 08:24

Distributing the excess cash in this way is infinitely preferable to lining the partners' pockets, but shouldn't they have repaid the grants (or repaid the grants AND helped out their staff).

Anony Fan Boy 13 May 22 14:53

Companies House Accounts: "...the business has achieved strong financial performance in the year operating under changing circumstances without profits relying on the support of Government Grants"

Heard they did repay furlough pay, so fair play to Capsticks.

Cannot say the same for most firms tho... in spite of bumper profits.

 

 

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