It must be jolly fun to poke your nose into the purses of rival firms. But magic circle partners may go green today after they realise that PEP at litigation boutique Stewarts Lawis on a par with theirs at £1.1m. Those lucky enough to sit at the top of equity took home a whopping £1.4m last year. Good grief.
To put that into some context, way back in 2007/08 turnover at Stewarts Law stood at a lowly £11.9m. Six years on and that has rocketed by 280 per cent. In it’s UK offices the firm has expanded significantly, taking on a new floor in London to accommodate it targeted growth to £50m at the 2013/14 year end (that’s 320 per cent growth since 2007/08 for anyone wondering).
For those of you breaking into a sweat, it isn’t all rosy for the firm. Stewarts is planning to close its Delaware base and scale back in New York a little more than twelve months after it opened stateside. Of course the firm insists that this is all part of a plan to be collaborative rather than competitive.
Nevertheless, Stewarts, with just 249 lawyers, 38 partners and 18 equity partners, has produced a financial performance that any in the top ten would be proud of.
As Ashurst, Allen & Overy and Freshfields Bruckhaus Deringer prepare to unveil those all important results in the coming days, we’ll find out just how impressive Stewarts is.
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