Stevens & Bolton LLP has unveiled its financial results for 2014/2015 and posted double digit growth in turnover, with PEP hitting £410k.
This is the fifth consecutive year the firm has reported an increase in turnover, this year by over 12.6% from £19.8m to £22.3m. PEP has broken through the £400k barrier with an increase just shy of 10%, from £375k in 2013/14 to £410k. Both turnover and PEP have hit record highs.
The results come off the back of an excellent financial performance last year when the firm reported a 10% growth in turnover and a 17.5% increase in PEP.
Commenting on this year’s results Managing Partner Ken Woffenden said:
“We are pleased to report another strong set of financial results, building on the double digit growth we achieved last year. While we have seen growth right across the firm, we have seen particularly strong increases in corporate/M&A, IT/IP and litigation this year.
On the transactional side, over the last 12 months we’ve handled deals with an aggregate value in excess of £1.5bn. We have also enjoyed some major client wins, including our appointment to BP’s legal panel for employment work, Nintendo, Tommy Hilfiger and the AA.
International business has again been a highlight, thanks to our excellent relationships with friendly law firms across Europe and beyond.
Our goal is to deliver growth which is sustainable as well as profitable. I am pleased that at the same time as we are continuing to deliver healthy growth in profitability we are also investing significantly in our people, systems and infrastructure which bodes well for the future.”
Partner headcount also increased during the same period with the recent appointments of construction partner Stephen Rockhill from Charles Russell Speechly and IT specialist Gary Parnell from Clyde & Co. There have also been a number of internal promotions: senior associate Lloyd Davey was made partner in the employment, immigration and pensions practice and five associates, Matthew Carman (tax and trusts), Elaine O’Hare (IP), Jackie Penlington (immigration), Catherine Penny (commercial litigation) and Sarah Taylor (employment) were promoted to senior associate as of 1 May 2015.
The firm now totals 36 partners and nearly 200 people overall, representing nearly 14% growth in total headcount over the last 2 years.