Stephenson Harwood today kicked off this year’s results season by announcing sharp rises in revenue and profits.
In the year to 30 April, income climbed 16% to a record £264.2m, while profit per equity partner rose 7% to £775,000. Net profit rose 10% to £90m.
In the first two years of a five-year strategy launched in May 2022, revenue has increased by 28% (£60m) while PEP is 13% higher, the international firm said.
Eifion Morris, chief executive, commented: ’The results speak for themselves. In 2022 we launched our current strategy, with the ambition of doubling revenue within five years. In the last two years we’ve increased revenue by around £60m – or just under 30% – despite challenging market conditions. Our decision to prioritise five strategically important sectors – decarbonisation, life sciences, private capital & funds, technology, and transportation & trade – as well as driving innovation and technology to improve the way we deliver services to clients, is really paying off.
’Another key strength is the unique balance between our contentious and non-contentious practices. This balance, which few international firms share, has been instrumental in our success. Our global litigation practices had a very strong year, alongside our private equity and private wealth teams.’
Morris added: ’Firms like ours – in the upper mid-market – are now trusted by clients to deliver the type of work they would have given to larger firms only a few years ago. Looking ahead, it’s an exciting time.’
