PEP climbs at Stephenson Harwood to £537k, turnover hits £121m

Stephenson Harwood grew its revenue by 8 per cent from £112.3m to £121m over the course of the 2013/14 financial year (15 July 2013).

The uptick marks the fifth year of consecutive growth for the firm, which has seen its turnover rise each year since 2008/09, when turnover stood at £85.1m. 

This growth is mirrored by the firm’s average profit per equity partner (PEP) which increased by 19.3 per cent, from £450,000 to £537,000. The rise is still short of the £610,000 PEP achieved by the firm at the 2010/11 year-end. Since then the figure has fallen to £505,0000 in 2011/12 to £450,000 in 2012/13 before rising again this year. 

Chief executive Sharon White said that the firm saw particularly strong growth in its transactional practices, specifically citing corporate, finance and real estate. 

She added: “Our performance this year reflects the importance of the investments we have made in developing the firm during the past few years and we will continue to identify opportunities to grow and strengthen our business.” 

The firm is yet to disclose its net profit figures, but at the half-year point White told The Lawyer: “We’ve had a 10 per cent uptick in revenue and it’d be disapointing if some of that doesn’t translate into profit” (22 November 2013).

During the 2013/14 financial year Stephenson Harwood re-elected Sharon White as its CEO – a post she has held since 2009. 

In March, it axed 15 per cent of its secretarial jobs as part of a “significant reorganisation” of the firm’s secretarial and document production services in the City, ultimately shrinking its support staff roster from about 180 to 153 (5 March 2014). 

Internationally, Stephenson Harwood made in-roads into Asia, launching in Beijing and setting up an exclusive association in Singapore with Virtus Law (1 May 2013). The firm also raided DLA Piper for its Seoul office head Michael Kim, with the aim of launching a base in the jurisdiction (7 February 2014).