Stevens & Bolton posts eleventh year of revenue growth in the latest financials
LB100 firm Stevens & Bolton announced solid financial results for 2020/2021, posting revenue growth for 11 years in a row.
Despite the pandemic, the Southeast heavyweight posted sales of £ 29.1 million, a 2% year-over-year increase, while earnings per equity partner in its all-equity partnership increased 10% to £ 267,000.
The results were driven by strong growth in a number of core practice areas. Intellectual property in particular saw 17% growth in 2020, bringing the practice’s overall growth to 111% since 2018. The corporate team grew 10% year over year and the private wealth practice also grew 7%. These impressive numbers were backed up by a number of key directives, including advising Pizza Hut Restaurants on the CVA, Beretta Holdings on its UK expansion and Seal Software on the sale to Docusign.
In parallel with this sustained growth, the firm has announced a raise in salaries for all of its attorneys, resulting in an average increase of 13% per attorney, as well as a full refund for those who took the past year as part of a package of financial measures that Company in response to the immediate financial impact of Covid-19.
Commenting on the annual results, managing partner Richard King (pictured right) said: “I am really proud of how the entire company has pulled together over the past 14 months and how we have worked together as a result of our joint efforts.” In the pandemic, it was not simply dealt with, it thrived. I am also delighted that our financial results give us the opportunity to reward our outstanding team. This builds on our switch to an all-equity model in September 2019 – a regional premiere at the time. We have long drawn talent from the city and continue to strive to recruit the brightest and best in the industry. ‘
He added, ‘These solid financial results provide us with an excellent platform to build on as we begin work on our ambitious 2024 strategic plan. With major projects in the pipeline, an ever-growing roster of impressive clients, and a highly talented team, it’s exciting to see where our ambitions will take us next. ‘
Named National / Regional Law Firm of the Year in the 2016 Legal Business Awards, the Guildford-based law firm has long made a virtue of providing city-standard service to corporate clients and has senior lawyers from the magical circle and leading London law firms are recruited to make that happen. These latest financial results show that sales have grown organically by 30% since the company first joined the LB100 in 2015.