In its first full financial year since its transatlantic merger, Eversheds Sutherland (International) has recorded a robust increase in both revenue and profit per equity partner (PEP).
In revenue terms – which apply to the legacy Eversheds portion of the business – the firm saw a 13% increase from £438.6m to £494.6m. PEP, meanwhile, grew by a similar margin of 12% from £726,000 to £812,000 – the highest-ever PEP figure achieved by the firm.
Chief executive Lee Ranson (pictured) conceded that the positive results owed significantly to the knock-on effect of the firm’s recent international expansion, which includes the February 2017 tie-up with US outfit Sutherland Asbill & Brennan, but also asserted there had been ‘organic growth’.
Due to the merger or not, the results will be welcome after last year’s lacklustre performance, where the firm’s net profit and PEP dipped by 4% and 2% respectively as the firm shouldered the costs of the union.
On that point, Ranson commented: ‘It is particularly pleasing to see a strong uptick in profitability after a number of years of flat or negative growth – a clear validation of the success of our strategy. A year ago I said that confidence in the business is high, and it remains so as we build momentum and look forward to another year of growth.’
In February, on the one year anniversary of the US combination, Eversheds Sutherland unveiled combined global revenues as just under $1bn – a 5% increase on the year before.
The international results cap off a particularly expansive financial year for the firm, opening offices and forging alliances in Singapore, Dusseldorf, Moscow, St Petersburg, Amsterdam and Rotterdam.
While revenues are rising, Eversheds revealed a flat partnership promotion round last month. The firm made up 20 partners globally, the same figure as last year.
The results also come as the firm expands its tax practice in London, this week hiring Paul Beausang from Morgan Lewis. Beausang, who will fill the role of head of real estate tax, previously served in a similar position at K&L Gates.