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Stephenson Harwood has recorded a 2 per cent boost in turnover, from £110.2m in 2011/12 to £112.3m in 2012/13.
The result marks the fourth year of consecutive growth for the firm, which has seen its revenue rise each year since 2008/09 when it remained relatively flat – dropping 0.2 per cent from £85.3m in 2007/08 to £85.1m.
The firm is yet to announce its net profit or profits per equity partner (PEP) for 2012/13. Last year, PEP at Stephenson Harwood dropped by 18 per cent from £610,000 to £505,000 which management put down to a 19 per cent hike in the size of its equity partnership (13 July 2012).
Stephenson Harwood’s chief executive Sharon White said of the latest financial results: “We were on budget so we can’t complain. Obviously, we’ve had years of higher levels of growth but we managed to keep growing throughout the recession.”
Over the past financial year, Stephenson Harwood has had a particular focus on growing its international presence, opening a new office in Dubai in December 2012 (23 April 2012). Since the end of the firm’s financial year end of 30 April it has witnessed a flurry of activity in Asia. In addition to opening a Beijing office (1 May 2013), it struck an exclusive association with Singapore firm Virtus Law, and became the first UK law firm to enter Myanmar through a formal association with U Tin Yu & Associates (8 May 2013).
During the 2012/13 financial year, the firm also made a number of lateral partner hires in its key growth areas. These include commercial litigation partner Shai Wade who was formerly co-practice group leader of Reed Smith’s international arbitration practice (27 September 2012 ). Graham Wrightson, previously head of legal consulting at Mercer, boosted the firm’s pensions practice, while Tom Nicholls joined the corporate practice from Lawrence Graham where he headed the energy and natural resources group (6 December 2012).
In 2011/12, 45 per cent of the firm’s revenue was generated by its litigation practice, while one quarter was bought in by the firm’s finance team. Stephenson Harwood’s chief executive Sharon White says, “There’s no reason why revenues won’t continue at current levels. We might hope as we slowly emerge from the recession there will be more work on the transactional front.”