Eversheds posts 14% partner profits hike as revenues rise 3%
Eversheds has unveiled its 2011-12 financial results, with turnover rising 3% to £366m and profits per equity partner (PEP) up 14% to £632,000.
The firm cited financial services dispute resolution and capital assets as headline practice areas, with revenues in each group up 16% and 20% respectively, while revenues in energy and natural resources rose by 19%.
The 16-office firm, which has a further 28 bases in its Eversheds International network, saw the strongest growth in offices outside the UK, with Asia expanding 26% and the firm's Middle East practice up 100% on last year.
Eversheds declined to provide exact turnover breakdowns for practice areas and offices, with these figures expected to be released later this year.
This year's results come after Eversheds last year posted a 0.2% decrease in turnover, following 3% and 6% drops in 2009-10 and 2008-09 respectively.
Chief executive Bryan Hughes (pictured) commented: "This is a return to growth for the firm following three years of declining or flat revenues which is very encouraging, and through continued focus on managing the margins it is pleasing to see this growth cascade down to the bottom line.”
Hughes, whose term as chief executive ends later this year, said the 650-partner firm is targeting top-line growth, but does not expect profits or PEP to rise significantly this financial year due to increased investment and a focus on the development of Eversheds’ international offering.
“We also expect to increase the number of equity partners in the business, both through promotions and lateral hires," added Hughes.
Eversheds’ annual partner meeting is being held next week in Westminster, kicking off with an associates’ meeting on Tuesday (27 June) and a partners meeting the following day.
By Ben Wheway