Stephenson Harwood reports 9% revenue rise in another record year

white-sharonStephenson Harwood has announced a 9% jump in revenue and a 1.5% rise in profit per equity partner (PEP).

The firm has announced revenue of £158m for the year ending 30 April 2016, up from £145m the previous year.

It also reported PEP of £774,000 in 2015-16, up from £763,000 in 2014-15.

While both figures represent a record year for the firm, they did not rise as sharply as the previous year.

In 2014-15, the firm reported a 20% rise in revenue and a 45% rise in PEP. However, the firm said these figures were boosted by fees from several cases where a substantial proportion of work was done in previous financial years.

Sharon White, Stephenson Harwood chief executive, said the firm had “performed strongly across practices and offices” and the results “reflect the strength of our relationships with our clients”.

She added that although 2015-16′s results had not benefited from a boost in income from previous years, it had still exceeded 2014-15′s revenue and PEP. “If I’m honest, I didn’t expect that we would beat last year’s overall performance but we have,” she said.

She added: “It’s been another record year for the firm. We pride ourselves on our commitment to our clients, as well as our commercial knowledge and expertise.”

During the year, the firm saw few partner exits. Instead, it grew its partner count and boosted its presence in Asia. In February this year, the firm hired a seven-strong team from Eversheds in Hong Kong.

In March, it also announced it was tying up with Chinese firm Wei Tu to enable it to offer local law advice.

Just before the end of its financial year, in April, it announced its largest ever partner promotions round, making up nine new partners.