Eversheds became the fifth major law firm to confirm its 2012/13 results today (5 July) with the top 15 UK law firm seeing revenues edge up 3% to £376m, while profits per equity partner increased 2% to hit £642,000 for its 133 full partners.
The firm cited a strong performance in its litigation practice, while its financial institutions and energy and national resources sector groups respectively expanded by 20% and 14%. A statement from Eversheds said that it had seen ‘double digit’ growth in its network in Asia and the Middle East, where the firm has been investing.
The performance will be viewed as a respectable result for the national giant and aspiring international player as major UK law firms continue to wrestle with challenging trading conditions.
Despite its recent growth, Eversheds has faced a number of setbacks since the onset of the banking crisis in 2008, with the 342-partner firm in January 2013 launching its sixth redundancy consultation in five years. Eversheds confirmed in May that 116 staff would be made redundant. The firm also closed its 29-lawyer Copenhagen office.
Eversheds chief executive Bryan Hughes commented: ‘We anticipated difficult trading conditions at the start of the year and planned accordingly, which enabled the firm once again to deliver a strong set of results. Maintaining revenue growth was very pleasing, particularly as our revenue line was flat at the half year. This, alongside the very favourable cash position, emphasises the financial robustness of the firm. The continued focus of the whole team on managing the margins, ensured that the growth cascaded through to the bottom line, creating an excellent platform for 2013/14.’
Eversheds’ announcement comes as a string of major law firms have confirmed their 2012/13 results with many firms defying gloomy predictions to achieve gains in growth and profits.
Eversheds ranks 62nd in revenue terms in the league of the world’s largest law firms in Legal Business‘s annual Global 100 rankings, which is published today (5 July).