Capsticks writes off intern debt after windfall pandemic profits
LPC and SQE loans would have been written off
Top healthcare lawyers Capsticks have reportedly decided to distribute wealth after a highly profitable pandemic.
The national law firm, which acts for the National Health Service and Solicitors Regulation Authority, would cancel tuition loans to interns and provide pay raises.
Capsticks has apparently told interns who have borrowed 50% of the course fees for their Legal Practice Course (LPC), Graduate Diploma in Law (GDL) or Lawyers Qualifying Examination (SQE) that they do not no longer had to repay the firm.
With the LPC – currently being phased out in favor of the SQE – priced at up to £17,500, debt forgiveness could be a significant sum of money for first-time solicitors.
Trainees also get a £3,000 pay rise and bonuses are distributed across the business as Capsticks partners roll in heaps of cash, RollonFriday reports.
The 2022 legal cheek List of the most
The company’s latest accounts show turnover rose 7% in the pandemic-heavy financial year ending April 21, and profits fell from £8.5m to £10m of pounds sterling.
Capsticks did not deny the largesse reports. Chief honcho Rachael Heenan said legal cheek:
“During the pandemic, it has never been more important to look after our customers and our colleagues in accordance with our People First values. We really take pride in how we support our interns and teams throughout their careers and constantly review what we are doing to achieve this. »
A surprising number of big outfits fueled by the pandemic, in terms of profitability. Last year Simmons & Simmons pledged to donate £2million to charity after spraying a 35% increase in profits in 2020/21.