09 May Law firm reports strong growth
One of Cornwall’s leading law firms has revealed its year-end figures, showing strong growth in the sector.
Stephens Scown LLP, which has offices in Truro and St Austell, has reported fee income of £19.285 million for the year ended April 2017, a rise of 8%.
In a year of uncertainty due to the EU referendum result, the firm said it sees this as strong growth. Average fee growth in recent years has been 12.5%.
Since 2013, the firm’s turnover has grown by 50%, which, it says, represents “strong organic, self-funded growth in the region”.
Stephens Scown saw its deals related activity grow by 107% to 174 deals in 2016. The deals relate to business sales, acquisitions, refinancing, equity investment, and management buy-outs.
Stephens Scown advised Canadian firm Strongbow Exploration on its acquisition, from administration, of the South Crofty tin mining project in Cornwall. The firm also acted on Strongbow’s deal with Cornish Lithium Limited, which could lead to a major new industry for Cornwall.
“This has been another great year,” said the firm’s managing partner, Robert Camp.
“No one knew what impact the EU referendum result would have on business performance, so it is encouraging that we have had another successful year, despite this uncertainty.
“Introducing our employee ownership scheme has been a highlight for me this year. Because of the regulation around law firms, it was very complex for us to bring in, but I’m so glad we made that effort.
“Giving everyone an equal share of the firm’s profits is the best way to show that we all matter and that everyone’s efforts are appreciated.”