LB100 firm Stevens & Bolton has unveiled solid financial results for 2020/2021, marking 11 consecutive years of revenue growth.
In spite of the pandemic, the South East heavyweight has posted turnover of £29.1m, which represents a 2% increase on last year, while profit per equity partner in its all-equity partnership increased by 10% to hit £267,000.
The results were driven by strong growth in a number of core practice areas. In particular, intellectual property reported a 17% growth on 2020, which brings the total practice growth since 2018 to 111%. The corporate team posted a 10% growth on the previous year and the private wealth practice also grew by 7%. These impressive figures were underpinned by a number of significant instructions, including advising Pizza Hut Restaurants on its CVA, Beretta Holdings on its UK expansion and Seal Software on its sale to Docusign.
In tandem with this sustained growth, the firm has announced a pay rise for all its solicitors, resulting in a median increase of 13% per lawyer, and also full reimbursement to all those who received temporary pay reductions last year as part of a package of financial measures the firm took in response to the immediate financial effect of Covid-19.
Commenting on the year’s results, managing partner Richard King (pictured, right) said: ‘I am really proud of how the entire firm has pulled together during the past 14 months, and how, as a result of our collective efforts, we haven’t simply managed during a pandemic, but thrived. I am also delighted that our financial results have afforded us the opportunity to reward our stellar team. This builds on our move to an all-equity model in September 2019 – at the time, a regional first. We have long attracted talent from the City and we remain committed to recruiting the industry’s brightest and best minds.’
He added: ‘These solid financial results provide an excellent platform for us to build on as we begin work on our ambitious 2024 strategic plan. With significant projects in the pipeline, an ever-growing roster of impressive clients and a highly talented team, it’s exciting to see where our ambitions take us next.’
The Guildford-based firm – which was named National/Regional firm of the Year at the 2016 Legal Business Awards – has long made a virtue of offering corporate clients a City-standard service and has recruited senior lawyers from the magic circle and leading London firms to achieve this. These latest financial results show that since the firm first entered the LB100 in 2015, revenue has grown organically by 30%.