Stephensons' financials stand firm

The firm’s turnover dipped slightly, from £85.3m to £85.1m, while average profit per equity partner fell by 2 per cent to £610,000. Chief executive Sunil Ghadia put the robust financial performance down to careful ­management of costs and growing income from the Asia practice.

Ghadia also pointed to growth in the litigation and employment ­practices, adding: “This has been a challenging year because of market conditions, but every part of our business has made a significant contribution to our ­performance.” Stephensons’ equity spread also remained steady, with ­equity partner earnings ranging from £300,000 to £900,000. The firm made 10 lawyers redundant in the 2008-09 financial year.