Stewarts sets new targets as turnover plummets 20%

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Stewarts Law is targeting £100m revenue by 2022, despite turnover falling by 20.2 per cent last year after several of its most prominent cases ended in 2016/17.

Turnover fell back down to £62.4mn from a high of £78.1m. Double-digit growth at the firm in 2016/17 saw its average profit per equity partner (PEP) outstrip the magic circle at £2m, though that figure fell in the last financial year by 27.8 per cent to £1.4m. Net profit further decreased from £36.3m to £28.3m.

The firm received a significant upturn in its financials after involvement in several major banking cases, most prominently the Royal Bank of Scotland’s £4bn rights issue.

Managing partner John Cahill said: “We are pleased to post a solid set of financial results. During the year we have made significant investment in a number of new contingent cases.

“I indicated last year, when announcing a set of record results that our revenue patterns will be ‘non-linear’ and that remains the case.”

Total remuneration to all classes of partner fell from £44.4m to £35.8m, resulting in the equity spread shrinking at both ends. The lowest paid partner at Stewarts took £639,000, down from £968,000, while its highest paid partner received £800,000 less than last year’s £2.4m.

A spokesperson for the firm said: “The breakdown of revenue is drawn purely from litigation and includes an adjustment of £4,035,000 in respect of value recognised on certain contingent work where the income recognition policy applied in our management accounts differs to the statutory financial statements.”

The post Stewarts sets new targets as turnover plummets 20% appeared first on The Lawyer | Legal insight, benchmarking data and jobs.



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