Eversheds has posted essentially flat results for the last financial year, with revenues flat at £380.7m compared with £379.1m in 2013/14, while profit per equity partner (PEP) has nudged up just 2% from £731,000 to £749,000.
The majority of the firm’s income came from its corporate practice, followed by disputes and real estate. Last year results saw the firm grow marginally, with turnover up 2% however this was contrasted by a double-digit increase in PEP of 14%.
Turnover at the firm has grown by a total of 7% over the last five years, with the firm posting revenues of £355.2m for the financial year 2009/10. PEP in the same period is up 45% from £515,000. However, the firm’s equity partner ranks have decreased 14% over that period, from 136 to 117, pointing to slower underlying growth in profitability – net income has grown by 25% over five years.
The 2014/15 financial year saw Eversheds continue to invest in its ongoing expansion strategy, with the firm last month merging with its German partner Heisse Kursawe following a full year of advanced negotiations. June also saw the firm enter the Northern Irish legal market with the launch of an outpost in Belfast covering general commercial and public sector legal work. In February, Eversheds further extended its presence in South Africa, establishing a new formal alliance with Cape Town firm Walkers, while also creating two new alliance networks covering Asia Pacific and Latin America towards the end of last year.
Eversheds’ year-on-year results stand in sharp contrast to the growth of national rival Pinsent Masons, which saw PEP soar 33% from £403,000 to £538,000, while turnover was up 12% from £323m to £362m. Managing partner John Cleland, who took over the role on 1 May, said the firm’s performance was a result of strategic investments Pinsents had made in recent years, including its 2012 merger with Scottish law firm McGrigors.