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Stephenson Harwood has seen turnover top the £90m mark for the first time following an 8 per cent increase in revenues in the 2009-10 financial year.
The firm maintained a profit margin of 30 per cent, meaning with a turnover figure of £91.9m its net profit stood at £27.6m.
Average profit per equity partner (PEP) dropped 8 per cent from £610,000 in 2008-09 to £561,000 in 2009-10. A raft of lateral partner hires, including Richard Parsons from Freshfields Bruckhaus Deringer and Graeme McLellan from Pinsent Masons, has seen the firm’s partnership expand by 13 per cent in the last year.
The growth in turnover was partly fuelled by a 29 per cent increase in income from dispute resolution and a 26 per cent rise in shipping litigation revenue. The corporate practice, bolstered by the arrival of Ashurst partners Andrew Edge and Nick Avery (3 March 2010), saw income rise by 2 per cent while finance fell by 5 per cent.
While London saw a modest growth in revenues, Paris and Singapore both saw record levels of growth at 15 per cent and 29 per cent respectively.