Legal Business Blogs

Eversheds records 7% revenue bump but PEP stays flat

Eversheds has reported revenue growth of 7% to £405.5m for 2015/16. The increase follows a year of flat turnover for the firm after last year it posted £380.7m in revenue, up less than 1%.

This firm’s 2015/16 results include the integration of its German arm into Eversheds’ LLP, adding approximately £20m to the firm’s topline.

The firm reported profit per equity partner (PEP) of £742,000, which is essentially flat from the year prior, off profits at £87.5m.

Eversheds chief executive Bryan Hughes (pictured) said the performance was in line with expectations. The firm achieved double digit revenue growth in the Middle East, Asia and in its consulting arm, Eversheds Consulting.

He added: ‘We made the decision to make significant investments across the board, and are pleased that we maintained our net profit position notwithstanding these investments, which we believe give us an even stronger platform on which to build.’

‘Significant operational investments were made in our IT infrastructure, global client management systems and global billing processes which are all going to enhance the level of service that our clients enjoy.’ Hughes said.

In recent months the firm won spots on panels including that of US car rental giant Avis and French defence multinational Safran.

In its latest promotions round, Eversheds made up 26 partners globally, including four in its London office.

Recent deals for the firm include advising on the sale of £150m worth of shares of Secure Trust Bank by investment firm Stifel.

Fellow mid-tier firms have seen slower growth this year compared with 2014/15. Addleshaw Goddard reported it had passed the £200m mark with revenues up 5% to £201.8m this year. Meanwhile, Pinsent Masons also saw more subdued growth compared to the previous year, reporting revenue up 5% to £382.3m and PEP up 2% to £550,000.