Law firm Stevens & Bolton unveils strong financial results for 2020/2021
Guildford-based law firm Stevens & Bolton LLP unveils strong financial results for 2020/2021 with growth in turnover, profit and profit per equity partner (PEP).
In spite of the pandemic, the firm has seen an impressive financial year with revenue closing at £29.1 million, which represents a 2% increase on last year and the firm’s 11th consecutive year of growth. PEP for the year increased by 10% on 2020.
The results were driven by strong growth in a number of core practice areas. In particular, intellectual property reported a 17% growth on 2020, which brings the total practice growth since 2018 to 111%. The corporate team posted a 10% growth on the previous year and the private wealth practice also grew by 7%. These impressive figures were underpinned by a number of significant instructions over the course of the year, including advising Pizza Hut Restaurants on its CVA, Beretta Holdings on its UK expansion and Seal Software on its sale to Docusign.
In tandem with this sustained growth, Stevens & Bolton has announced a pay rise for all its solicitors, resulting in a median increase of 13% per lawyer, and also full reimbursement to all those who received temporary pay reductions last year as part of a package of financial measures the firm took in response to the immediate financial effect of Covid-19.
Commenting on the year’s results, Richard King, managing partner at Stevens & Bolton LLP, said: “I am really proud of how the entire firm has pulled together during the past 14 months, and how, as a result of our collective efforts, we haven’t simply managed during a pandemic, but thrived. I am also delighted that our financial results have afforded us the opportunity to reward our stellar team. This builds on our move to an all-equity model in September 2019 – at the time, a regional first. We have long attracted talent from the city and we remain committed to recruiting the industry’s brightest and best minds.
“These solid financial results provide an excellent platform for us to build on as we begin work on our ambitious 2024 strategic plan. With significant projects in the pipeline, an ever-growing roster of impressive clients and a highly-talented team, it’s exciting to see where our ambitions take us next.”
