It is believed the deal to acquire Enyo Law will be finalised before the end of the financial year in April, although it is currently unknown how many lawyers and staff will be transferred to Stewarts.
The disputes boutique was founded in 2010 by former Addleshaw Goddard partners Simon Twigden, Pietro Marino and Michael Green.
The financial outlook for Enyo had been healthy, with revenue increasing by 27% from £15m in 2014/15 to £21m in 2015/16. Remuneration among members was also up significantly from £8.1m in 2015 to £12.5m in 2016.
A key mandate for the firm has been acting for sovereign wealth fund, the Libyan Investment Authority (LIA), in a $2.1bn claim for rescission of a series of trades purportedly entered into with members of the Société Générale Group; as well as LIA’s $1bn claim against Goldman Sachs over nine large financial derivative transactions that lost over 90% of their value. Enyo lost the Goldman Sachs case last year.
Stewarts Law, which generated £62.1m in fees last year, has also seen positive financial growth in recent times, with the firm’s highest paid member pocketing £1.7m for the 2015/16 financial year, a 20% increase from the previous figure. The litigation specialist also saw a consecutive year of double digit revenue growth, with revenue jumping 17% to £61.3m.
At Enyo, the highest paid member took home £2.9m last year, an increase from 2015’s amount of £1.8m.
Stewarts Law represented a number of retailers including Asda, Morrison, New Look and Next in a £1.2bn claim against MasterCard which was ruled on in January. The High Court decided in favour of MasterCard amid claims that the card issuer overcharged consumers due to controversial interchange fees.