London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm.
The London firm said its 21 equity partners will receive payouts of £2.74m each for the financial year ending on 30 April 2022 after the value of its profit-per-equity-partner payouts surged 85.61 per cent.
Stewarts’ multi-million-pound payouts will see partners at the high-value disputes specialist take away more money than partners at any other top-ranking UK firm.
The record sums came as Stewarts’ net profits jumped 93.2 per cent to heights of £58m, on the back of a 42.99 per cent increase in the law firms’ revenues to £114m for the past financial year.
The record partner payouts will see Stewarts partners take away significantly more money than partners at the highest paying Magic Circle firms, including Freshfields and Clifford Chance, which both posted partner pay at just more than £2m each.
Top lawyers at ‘Silver Circle’ law firm Macfarlanes also saw their pay packets surge to sums of £2.484m this year, after the London firm specialising in advice for high-net-worth individuals (HNWIs) saw its profits surge.
Stewarts’ managing partner, Stuart Dench, said: “We are pleased to announce a strong set of financial results. During the year, we litigated ground-breaking cases, resolved disputes and achieved excellent outcomes for our clients.”