After dissolving the partnership between himself and George Musgrove in 1899, J. C. Williamson continued as sole lessee of Melbourne's Princess's Theatre until 1900. That same year he renovated the Alexandra Theatre, renaming it Her Majesty's. A stream of imported stars continued to draw audiences and in February 1902, he mounted a lavish production of Ben Hur at a cost of £14,000. Huge losses were incurred when the theatre burnt down, but Williamson had it rebuilt by August 1903.
In 1904, Williamson, George Tallis (his Melbourne manager) and Gustave Ramaciotti (his legaal advisor) became partners. 'The Firm,' as it became known, specialised in visually sensational shows. When Ramaciotti retired in 1911, Williamson invited Hugh J. Ward to take his place as partner. On 1 September 1911, the company also merged with theatrical entrepreneurs Rupert Clarke and Clyde Meynell, with Williamson remaining as governing director and consultant while Meynell, Tallis and Ward ran the business. At this point, the company's name officially became J. C. Williamson's Ltd (and unofficially 'the Firm').