Independent UK law firm Stevens & Bolton has today announced its 12th year of consecutive growth, with its financial results for 2021/2022 revealing increases in turnover, net profit and profit per equity partner (PEP).
With revenue for the financial year amounting to £36.1m, Stevens & Bolton has seen a 24% increase on last year and has posted over £14m in net profit (a 22% increase). PEP for the year (in the firm’s all-equity partnership) was £346k, a 36% rise on last year’s performance.
The results are underpinned by double digit revenue growth across eight of the firm’s practice groups, with the commercial litigation and financial restructuring & insolvency practices leading the way. The firm’s international work has also grown signficiantly, with international clients accounting for more than 20% of revenue.
The past year has also seen the firm announce a string of internal promotions and partner lateral hires, adding 4 new partners. The firm accelerated its annual pay review to May this year, resulting in a median increase in pay of 11.5% across all lawyers as well as all staff bonuses during the course of the year equivalent to 6% of salary.
Commenting on the year’s results, James Waddell, recently appointed Managing Partner at Stevens & Bolton LLP, said:
“We are delighted with the sustained growth of our firm over a number of years, supporting our independent and international strategy. We will continue our focus on finding new and better ways to help deliver our clients’ objectives, while also providing a platform for our people to thrive in their careers. I would like to thank everyone at the firm for their contribution to our success.