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Litigation boutique Stewarts Law asked its equity partners for an extra £50,000 last year to fund the firm’s rapid and continuing expansion.
The firm, which has one of the highest average profit per equity partner (PEP) figures in the UK at £925,854, grew revenue and headcount rapidly last year on the back of the acquisition of niche litigation outfit Masseys in July and a number of lateral hires.
Managing partner John Cahill said the growth had been funded partially through a cash call, with each of the firm’s equity partners increasing their capital contribution from £200,000 to £250,000.
He added that an increase in conditional and contingency fee work had also prompted the cash call, as cases commonly lasted in excess of 12 months but with the firm receiving no fees for work until the disputes concluded.