£1m PEP, 135% bonuses: Stephenson Harwood toasts record year (and shuns US merger)

Stephenson Harwood has posted record results for 2024/25, breaking the £300 million revenue barrier for the first time and lifting profit per equity partner (PEP) to £1 million - a 29% jump year on year.

Revenue rose 17% to £309 million, while net profit surged by a third to £120 million. The performance builds on last year’s strong results, when the firm saw a 16% revenue rise and PEP up 7%.

The results mean the firm has now grown revenue by more than 50% in just three years, putting it well on track to hit its 2022 goal of doubling revenue within five years.

Chief executive Eifion Morris credited a sharper sector focus and international expansion across Europe, the Middle East and Asia. Dubai was singled out as a standout performer, while the firm also flagged ambitions to build a full-service practice in Greece.

US merger off the table

Interestingly, Stephenson Harwood appears keen to distance itself from the wave of "emerging transatlantic behemoths". Morris said the firm is "not looking for a US merger", instead preferring to maintain a network of relationships with American firms to service clients' US needs.

Following the record year, the firm has also boosted its global bonus pool to £6 million, with a 36% increase in bonuses for fee earners and rewards for high performers, including two managing associates who received bonuses of more than 135%.

What they said

Morris said: "These results - our highest ever revenue and PEP - are a testament to the commitment and dedication of our people, and our growth-oriented strategy.

"When we launched our current strategy in 2022, we knew it was ambitious. Doubling revenue within five years was no small challenge, but we’re well on our way."