Legal Business Blogs

Eversheds highest-paid member takes home 5% more as turnover dips

Eversheds‘ highest-paid LLP member took home £1.46m last year, an increase of 5% on the previous year, while turnover at the firm dipped.

The highest paid member at the firm took home £1.46m, compared with last year’s £1.38m. The figures in the LLP accounts do not necessarily equate to the highest paid equity member and can relate to ‘golden handshakes’ to retiring members.

However, average remuneration per member decreased slightly, down from £417,000 in 2014 to £410,000 in 2015.

The firm posted profits of £123m from £121.9m the year before, after turnover fell in the UK to £336.5m from £337.5m and in the rest of Europe to 17m from £17.7m. The firm’s profit per equity partner (PEP) nudged up 2% to £740,000, and net cash position saw an improvement to £23m.

Total headcount at the firm rose by 17 to 2,647, as partner numbers rose slightly to 296 from 292. Support staff numbers also were up to 941 from 920. Staff costs were down slightly to £150.2m from £150.8m, while group debtors jumped to £173.7m, up by 9% on 2014.

The firm continued to invest in developing its international operations across the year. Eversheds extended its presence in South Africa with a formal alliance with Cape Town firm Walkers in February of 2015.

However, Eversheds continues to search for a US merger partner after discussions with US firm Foley & Lardner came to an end at the end of last year.

Foley chair and chief executive Jay Rothman had said that while there had been preliminary conversations around exploring a more formal affiliation between the two firms, ‘no decision was ever made by Foley to pursue such an affiliation’.