A leading south west law firm, which has reported consistent growth since becoming employee owned in 2016, has registered another strong year.
Stephens Scown‘s annual accounts for the year ending April 30 2020 reveal consistent income growth – up 4% to £21 million, which the firm attributes to its employee-owned status, investment in new talent, technology to support its people and clients, and a clear strategy around growth.
Managing partner, Richard Baker, said: “We have high aspirations for growing the firm into a Top 100 law firm and a strong strategy behind this. As well as investing heavily in strategic appointments and the development of talent, we have also invested heavily in IT to support our people, our clients and ultimately our growth.”
The firm’s groundbreaking employee ownership scheme, ‘Scownership’, continues to be a success in terms of employee retention and recruitment, with in excess of £500k being distributed to eligible employees last year. The firm’s gross profit margin has increased from 45% in 2019 to 47% in 2020 and profit before members’ remuneration and profit shares rose from £5,621,353 to £6,485,754.
Baker added: “Looking ahead, in spite of the challenges presented by the current pandemic, the firm is in a very good position financially, and will continue to build towards its strategic vision by focussing on growth, a one firm agenda, client service and employee experience.”
Last year, the Stephens Scown celebrated its ranking for the sixth consecutive year in the Sunday Times 100 Best Companies to Work For Awards, and will once again be taking part in the Best Companies to Work For lists.