Stephenson Harwood PEP hits record levels" />Stephenson Harwood has reported record figures for the second year running with a 30 per cent increase in average profit per equity partner (PEP).
Last year PEP increased by 45 per cent up to £407,000 from £208,000 the year before. This year PEP has seen significant growth again, reaching £530,000. Turnover also experienced a healthy increase rising by 17 per cent, to £71.1m from £61.1m. Stephenson Harwood CEO Sunil Ghadia said: "The firm has performed well across the board. Our offices in Asia have had a very strong year with revenue in Hong Kong, Guangzhou and Shanghai increasing by 14 per cent." Real estate has contributed the most to turnover, with 33 per cent, followed closely by corporate, with 32 per cent. Gadhia said the firm’s finance practice performed well, contributing 23 per cent of turnover, as a result of numerous panel memberships, including Lloyds TSB. He said: "We’re also very pleased with the 11 per cent turnover rise for our litigation practice. This area has suffered for all firms and this increase is very healthy." Last week (4 June) The Lawyer reported that Stephenson Harwood advised on more AIM flotations than any other firm in 2006, acting for the floating company on a total of 16 deals. The firm acted for Charlemagne Capital on its £300m flotation, the second-largest flotation this year. Ghadia said: "AIM work has been very successful for us and we’re very pleased with the impact it has had on the firm."