Average profit per equity partner at litigation firm Stewarts Law broke through the £1m mark last year, according to 2012/13 financial results released today.
Revenue jumped 27% to £45.2m, with profit rising to £20.5m from £15.8m. PEP was £1.1m, up from around £800,000 the previous year. The highest equity payout was £1.4m.
Over the next year the London-based firm intends to add 15 more lawyers, expand into overseas markets outside of the US and move into tax litigation.
Managing partner John Cahill (pictured) said: ‘We will evaluate our focus on corporate as there is a high volume of tax cases. The economic and political environment has fuelled the number of tax disputes. That is a trend that is likely to continue.’
He said the company would scale back its presence in the US in preference of working with partner firms. The move to reduce headcount will affect only a few individuals, he said.
Cahill said the firm has been growing at a compound annual growth rate of 30% over the past five years.
The firm plans to exceed £50m in turnover in the next 12 months, he said.
‘PEP of £1m is probably unusual for a firm of our size, but there are few firms of our type in the UK, that are litigation-only with a range of specialism to offer,’ he said.