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Litigation boutique Stewarts Law is set to break into the UK 100 league table after posting a revenue of £28.5m at the 2010-11 year-end, with an average profit per equity partner (PEP) on a par with magic circle levels at £926,000.
The past year has seen significant growth for the firm, which has thrived on conflict litigation work spinning out of the City.
“We’re becoming the firm of choice for City firms both for personal litigation services and conflict referrals,” enthused managing partner John Cahill.
Turnover jumped by 42.5 per cent, from £20m in 2009-10 to £28.5m, while net profit rose by 60.4 per cent, from £7.17m to £11.5m.
The firm, which has 34 partners with 13 in the equity, saw PEP rise by 16.2 per cent, from £797,000 to £926,000.
“We’re very pleased with our results,” Cahill said. “The Stewarts Law litigation-only brand is increasingly recognised and respected.”
In the past year the firm has added nine partners and doubled the size of its commercial litigation team through the acquisition of niche litigation practice Masseys in July 2010.
It also launched an employment litigation group with the hires of Lewis Silkin partner Gareth Brahams in May last year and Simmons & Simmons associate Tim Spillane, who joined as a partner last September.
Cahill said further growth is anticipated, with plans to add “critical mass” to the employment team in London and the Leeds divorce practice, which works alongside the London-based team.