U.K. litigation firm Stewarts has announced a huge rise in profits and revenue for the last financial year, outpacing the rest of the country’s commercial legal market.
Stewarts’s revenue rose 43% to hit £114 million, while profits per equity partner increased 86% to reach £2.7 million, putting the firm’s PEP ahead of the likes of Macfarlanes, Freshfields Bruckhaus Deringer and Clifford Chance—all of which range from £2 million to £2.5 million. It is also likely to put the firm ahead of Slaughter and May, which does not disclose its financial results.
The firm’s remuneration spread across its 21 equity partners ranged from £1.2 million to £3.4 million, according to its statement on Tuesday.
The firm, which specialises in high-value and complex disputes, increased its net profit by 93% to £58 million. The rise in the financial metrics puts the firm on course to be the fastest-growing U.K. Top 50 law firm for the financial year to April. Over the last four years the firm’s revenue has increased 83%, it said.
Stuart Dench, Stewarts’s managing partner said the firm’s profit patterns were “non-linear” and the firm added the revenue included £5.6 million of value recognised on certain contingent work.
During the 12 month period the firm worked on cases including acting for Russian company JSC VO Machinoimport in a dispute with Russian bank VTB, acting for a father of two in securing a £7m settlement following head-on collision, and acting in a £1m Tribunal appeal victory against the HMRC’s decision to deny an SME enhanced R&D tax relief.
Dench added: “During the year, we litigated ground-breaking cases, resolved disputes and achieved excellent outcomes for our clients. We have invested in strengthening existing practice areas and developing new areas of work. We will launch a policyholder disputes practice in September.”
The firm has 282 total fee earners, which is essentially unchanged from a year before.
