The highest paid member at Stewarts Law pocketed £1.7m over the 2015/16 financial year, according to the firm’s filings at Companies House.
This marks a 20% climb from the year prior when the highest paid member took home £1.4m. The average remuneration per member also saw a hike from £547,000 in 2015 to £624,000 in 2016, a 12% increase, while the firm’s executive committee took home £15.7m from £13.5m the year before.
The average number of members at Stewarts Law also increased from 51 to 55, with overall staff headcount rising from 243 to 263 over the year. Staff costs rose to £13.7m from £11.6m.
The report also reveals work from oversees clients generated £13.5m or about 22% of total turnover. This an improvement from £9m or about 17% of revenue the year before.
The litigation specialist saw a second consecutive year of double digit revenue growth. The firm saw revenue jump to £61.3m, a 17% increase from 2015.
With last year’s figure standing at £51m, revenue has increased by approximately £10m. This upsurge has been accompanied by an incline in operating profit, rising from £27.5m in 2015 to £32.7m in 2016.
The strong financial year for the firm follows an initiative to boost pay and incentives for junior lawyers, paralegals and business services staff. The strategy, announced in May 2016, saw the firm improve the salaries of all members of staff, but Stewarts Law declined to confirm exact figures.
tom.baker@legalease.co.uk
Read more on litigation boutiques in:‘Focal points – Law boutiques and the art of focus’