The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Stephenson Harwood has broken the £100m turnover barrier for the first time after posting a 16 per cent revenue increase for the 2010-11 financial year.
Total fee income for the year stood a £107m, up from last year’s figure of £91.9m and the £85.1m brought in during 2008-09. Over a two-year period, Stephenson Harwood has increased revenue by more than 25 per cent.
Chief executive Sharon White told The Lawyer: “The thing that’s pleasing is that our performance hasn’t dropped back, but grown consistently over the last couple of years.
“We were pretty pleased last year to break through £90m and we budgeted to break £100m this year, but to do it so comfortably is great. Our Asian offices in particular have done extremely well.”
The firm’s London office saw a 14 per cent turnover increase, while its Greater China practice enjoyed a 20 per cent hike. Income in Paris leapt by 72 per cent after the firm hired a two-partner team from Norton Rose, doubling headcount in the office.
In Singapore, revenue increased by a third, jumping from £5.2m in 2009-10 to just under £7m despite the firm not adding any partners to the office.
Last year’s 8 per cent revenue increase came alongside an 8 per cent fall in profit per equity partner (PEP) (22 June 2010). The firm has yet to release profit figures for this year.
White added: “I think it’ll be a good year for us.”
In practice area terms, commercial litigation was up 22 per cent, finance by 19 per cent and corporate finance by 11 per cent.