Stephenson Harwood has announced a notable financial achievement with a 16% rise in revenue, marking a record £264.2 million. The firm also reported a significant increase in net profit, reaching over £90 million for the fiscal year ending April 2024, up by 10% from £82.4 million in FY 2022/23. Profit per equity partner (PEP) also saw a robust growth of 7%, climbing to £775,000, a new high for the UK-based independent firm.

This year’s results underscore a continued upward trajectory in revenue growth, building on an 11% increase in the previous fiscal year, during which PEP rose by 6%. These achievements mark the firm’s second consecutive set of financial results since unveiling its five-year strategy in May 2022.

Over the initial two years of the strategy, Stephenson Harwood has seen revenue surge by nearly £60 million, reflecting a remarkable 28% increase, while PEP has grown by 13%. CEO Eifion Morris attributed this enhanced performance to the firm’s strategic focus on five key sectors: decarbonization, life sciences, private capital and funds, technology, and transportation and trade.

Morris emphasized the firm’s commitment to doubling revenue within five years, noting a nearly 30% rise despite challenging market conditions. He highlighted the balanced approach between contentious and non-contentious practices as pivotal to their success, noting strong performances in global litigation, private equity, and private wealth management.

“Our achievements are a testament to the dedication and exceptional support provided by our team to clients,” Morris remarked, underscoring the evolving trust of clients in mid-market firms like Stephenson Harwood to handle complex work traditionally reserved for larger firms.