Stephenson Harwood has continued its upward trajectory and posted a 4% increase in revenues at the half-year stage, becoming the latest in a string of UK law firms to announce positive financial results.

The firm's revenues for the six-month period ending 31 October rose to £51.4m from £49.6m a year ago. It comes after the top 30 firm saw revenues climb by 16% during the full 2010-11 financial year to £107m, marking the third consecutive year of growth for the firm despite the 
economic downturn.

Stephenson Harwood chief executive Sharon White (pictured) said: "Our contentious practices are doing well and our transactional practices are holding up in challenging conditions, while our Asia offices – in China and Singapore – continue to perform strongly. We are pleased that we have continued to grow, building on last year's extremely strong 
financial results."

However, given the global economic uncertainty, White is cautious about the full-year results: "We remain positive about our full year results, but due to the current economic outlook, which remains uncertain, it is extremely difficult to predict how the legal sector will fare over the coming six months."

The results come as Olswang has emerged as the strongest performer in the top 50 at the half-year stage, posting a 25% increase on the equivalent period last year to take revenues to £50.9m, up from £40.2m. Other firms announcing half-year results this week include Bird & Bird, which saw an increase of 13% to £116m, Wragge & Co, where a 5% rise took revenues to £58m, and Addleshaw Goddard, where fee income climbed by 11% to £86.6m for the period.

Other firms announcing double-digit rises including Taylor Wessing, Ashurst, Clyde & Co and Allen & Overy. Nabarro is the only firm announcing its H1 results to have so far posted a drop in revenues, with fee income falling by 4%.