Following the launch of a new Taunton office in July 2023 and several strategic new hires to support growing its client base in Somerset, leading South West law firm, Stephens Scown LLP, has seen another year of impressive growth. With even more impressive financial results and an expanding client base, the Firm has further enhanced its position as a regional heavyweight.
Achieving its best financial results in its long history, the Firm’s latest accounts reveal an increase in turnover from £24,773,000 in ‘22/’23 to £27,380,000 in the ‘23/’24 financial year, which sees 10% growth and 47% gross profit margin. The Firm’s ground-breaking employee ownership scheme, Scownership, continues to be a success in terms of employee retention and recruitment – this year each eligible employee was paid a record £4,685 profit share regardless of their role, because the Firm values everyone’s contribution equally. Meanwhile, Stephens Scown is making sure its financial success is matched by its commitment to delivering above and beyond for its clients, its people and local communities with investment in people and business infrastructure.
Managing Partner, Richard Baker says: “I am very pleased to report that, despite the ongoing economic and political challenges that all businesses have had to navigate over the last year, 2023-24 was another very good year for Stephens Scown. Thanks in large part to the ongoing efforts of our people in ensuring we continue to go above and beyond for clients, delivering first class legal advice and outstanding client service, we believe this is also reflective of the continued focus on developing and driving our strategic vision.
“With a new governance structure now in place to help drive our strategic goal of becoming a Top 100 Law Firm, the four strategic pillars running through the Firm – Client Service, Employee Experience, One Firm and Organisational Effectiveness – as well as our B Corp™ status, have also helped to ensure that we remain focused on our culture and values.”
Stephens Scown’s solid financial position has enabled the Firm to recruit new high-level talent, with key Partner appointments such as Family lawyer Lizzie Smith, business restructuring and insolvency expert Robin Koolhoven, Commercial Property specialist Nick Smith and Employment lawyer, Matt Huggett, as well as developing talent already in the Firm through promotions. This year also saw the addition of renowned International Family Law specialist, Ann Thomas, who is supporting the growth of the Firm’s work within this specialist area of Family Law.
A new IT infrastructure was also successfully introduced during the year. This has all resulted in a successful year for the Firm with a sharp focus on the greater South West and growing the Firm’s core client base of SMEs, owner-managed businesses and high-net-worth individuals. At the same time, the Firm continues to extend its reach nationally in its chosen specialist markets, including mining and minerals, food and drink, leisure and tourism and healthcare.
As an employee-owned firm, one of the secrets of Stephens Scown’s success can be found in the engagement it has been able to build with its people. Highlighting this, earlier in the year, the Firm celebrated being listed as one of the Sunday Times Best Places to Work for 2024. Based on positive employee feedback, the nationwide survey celebrates the best employers across industries of all sectors and sizes. The results are formed from accurately monitoring employee engagement, with Stephens Scown scoring highly in the areas of wellbeing, reward and recognition, and job satisfaction. Thanks to the work to embed social and environmental high standards through its B Corp™ status, the Firm was delighted that one of its highest scoring categories was in employees feeling they worked for a firm that treats environmental sustainability seriously.
Richard Baker continues: “With the prospect of more high calibre lateral hires arriving in the near future while the Firm follows through on our greater South West strategy, we continue to follow and focus on our clear strategy going forward and the necessary steps to achieve our aspirations for sustainable growth.”