Richard King

Stevens & Bolton

Stevens & Bolton is not a glamorous law firm, nor has it powered up the UK 200 rankings in breathtaking fashion. However, its consistent success is testament to its leadership, and the past two years of growth have come under the watch of managing partner Richard King.

King takes the view that, while lawyers are complex people, running a law firm is not a complex process – although it is demanding. He gives his partners plenty of rein and lets them get on with it, while concentrating on the aspects of the firm that make it distinctive. And Stevens & Bolton became that bit more distinctive in 2019 when it took the bold move to change to an all-equity partnership, following an 18-month consultation on the financial model.

The new structure makes for a more collegiate firm and comes on the back of the introduction of an all-staff profit share scheme alongside its regular bonus programme. Based on the amount of profit made in a single year, depending how far over that budget revenue is, the firm is now able to give part of the excess profit over to everyone working there.

First time around, having achieved 107 per cent more than the budget, Stevens & Bolton was able to give the maximum payable under the scheme, handing back more than 3 per cent to staff. It is moves like these that will set successful mid-sized firms apart from the rest in a competitive market.