Stephenson Harwood saw revenue growth grind to a halt over the last financial year, the firm’s latest financial results show, while key profit figures are undisclosed.
Revenues remained at £213m over 2019/20, the figure hit last year after a pacey 12% growth. Meanwhile, the firm did not disclose its profit per equity partner figure, which rose 9% to £727,000 last year after two consecutive years of decline. The firm’s net profit figure – which last year stood at £68.2m – was also witheld. The firm chose not to provide comment or a statement on its muted financial performance.
Litigation and arbitration produced the lion’s share of the turnover, contributing 43% of the figure after a modest rise. Corporate and finance followed, producing 26% and 23% of revenue respectively.
It has been a period of change for Stephenson Harwood, with longstanding chief executive Sharon White giving way to new leader Eifion Morris (pictured), who took the helm last October. Morris takes over an institution much changed from Stephenson Harwood circa 2009. Over the last decade, revenues have grown 150% and the partnership has doubled to approximately 171.
Part of that story has been the expansion of the firm’s corporate practice, which has increased its headcount by more than a third over the five years to 2018/19, while revenue has more than doubled in the same period. However, the firm has been less aggressive than some of its peers in pursuing profitability.
For more on Stephenson Harwood, read ‘Nice problems to have – Where now for Stephenson Harwood as veteran chief hands over?’