Stephenson Harwood Breaks £200M as PEP Growth Recovers
PEP growth has bounced back following a two-year slump.
June 18, 2019 at 10:44 AM
2 minute read
Sharon White, CEOStephenson Harwood's revenue has grown 12% to £213 million – breaking through the £200 million barrier for the first time.
The firm's financials for 2018-19 also show that profit per equity partner (PEP) has recovered from a two-year slump, ticking up by 9% to £727,000. However, the figure is yet to return to the £774,000 it hit in 2015-16.
Firm CEO Sharon White told Legal Week the firm had had a "great year", despite the "backdrop of Brexit".
She added: "We didn't expect to have such a successful year. It's a great outcome. And in more than just financial terms. It's pleasing to see a great round of internal partner promotions, as well as 11 lateral partners joining during the year."
This year, the firm promoted 13 to partner, with women making up nearly 40% of the count. And in a rare acquisitive City move for the firm, Stephenson Harwood last week hired litigation and investigations partner Justin McCelland from U.S. firm Winston & Strawn.
Though the firm has no current plans to open new offices, it expects to continue its hiring run.
White added: "We expect to hire more. It's part of our strategy, which will take us through to 2021. We set ourselves a target of reaching 200 partners by 2021 and we're already at more than 180, so we're well on track."
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