Legal Business

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

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Financial results 2015/16 Eversheds Sutherland
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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’.

madeleine.farman@legalease.co.uk

 

Legal Business

Switching sides: Eversheds Manchester banking head departs to take GC role

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In-house Eversheds Sutherland
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Eversheds Manchester banking head Nigel Dale is leaving the firm after 20 years to join specialist lender Together as its general counsel (GC).

Dale has headed the firm’s banking team at Eversheds’ Manchester office for the last two decades and advised Together for the last 15 years.

‘The alternative finance sector is growing rapidly and Together is poised to capitalise on this thanks to its strong financial position and its appetite for both residential and commercial lending,’ said Dale.

At Eversheds, Dale acted for financial institutions, borrowers, private companies, major listed public companies, property developers, banks and equity providers.

His main areas of practice include acquisition finance transactions, bilateral and syndicated facilities, property finance and advising on security. Dale is described by the Legal 500 as ‘top notch’ and is a leading individual for banking and finance in the north west.

Recent deals Dale advised on include vehicle hire firm Northgate’s £424m debt refinancing in August, and long-time client University College London’s new £150m loan provided by a syndicate of banks including HSBC, Lloyds Bank, RBS and Barclays in March.

In September, Eversheds managing partner Lee Ranson was tasked with leading a ‘Growth Agenda’ following the firm’s subdued performance in this year’s Legal Business 100.

The firm posted flat results for the last financial year, with revenues at £380.7m compared with £379.1m in 2013/14, while profit per equity partner nudged up just 2% from £731,000 to £749,000.

jaishree.kalia@legalease.co.uk

 

Legal Business

‘Do what we think is right’: Eversheds continues search for US deal as Foley & Lardner ends merger discussions

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Legal mergers Eversheds Sutherland
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Eversheds will continue to search for a US deal after the firm’s top target, Milwaukee-based Foley & Lardner, ended merger discussions last month via a leaked internal memo.

In the memo, Foley chair and chief executive Jay Rothman 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’.

Legal Business

‘Not interested’: Eversheds’ lead US suitor Foley calls time on merger talks

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Legal mergers Eversheds Sutherland
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Milwaukee-based Foley & Lardner has ended merger discussions with Eversheds, just over a week after reports Eversheds had identified the US firm as the primary candidate for a tie-up.

In an internal memo seen by The American Lawyer, Foley & Lardner’s chairman and CEO Jay Rothman 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’.

Rothman added: ‘We have advised Eversheds that we are not interested in engaging in further discussions on that topic. Notwithstanding that decision, we remain committed to our strategic objective of expanding the global reach of our firm to better serve our clients.’

During a partnership vote last June, the Eversheds partnership had heavily backed a US tie-up, which cumulated in the firm’s executive, including chair Paul Smith and chief executive Bryan Hughes, narrowing discussions down to two firms of which Foley & Lardner emerged as the preferred firm.

Significant factors in choosing the right US merger partner for Eversheds include culture, a full-service offering and a New York presence. A strong corporate team is also important, although the US firm does not need to be led by its corporate practice.

International expansion as a whole has loomed large in Eversheds’ thinking since the mid-2000s when it became increasingly evident that the firm had to rapidly upgrade its international offering. This was further reinforced in the firm’s 2020 Vision, a three-year strategy put forward by Hughes in 2012, which emphasised global aspirations.

Foley & Lardner, which posted revenues this financial year of $665m has 17 offices across North America, including in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. The firm also has a presence in Brussels, as well as in Shanghai and Tokyo.

Eversheds posted essentially flat results for the last financial year, with revenues subdued at £380.7m compared to £379.1m in 2013/14, while profit per equity partner nudged up 2% from £731,000 to £749,000.

Eversheds said in a statement: ‘We have made our position clear, whilst we appreciate that there will be speculation on our progress, a number of options remain open to us.’

kathryn.mccann@legalease.co.uk

Legal Business

Eversheds inches closer to US tie-up as Foley & Lardner emerges as front runner

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US firms Eversheds SutherlandFoley & Lardner
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Eversheds is moving closer to its much sought-after US merger, with Foley & Lardner identified as the primary candidate for a deal.

After a vote last June in which the Eversheds partnership heavily backed a US tie-up the firm’s executive, which includes chair Paul Smith and chief executive Bryan Hughes, have narrowed discussions down to two law firms. Milwaukee-based Global 100 firm Foley & Lardner, with revenues this financial  year of $665m, has emerged as a leading candidate.

Legal Business

Eversheds inches closer to US tie-up as Foley & Lardner emerges as front runner

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US firms Eversheds Sutherland
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Eversheds is moving closer to its much sought-after US merger, with Foley & Lardner identified as the primary candidate for a deal.

After a vote last June in which the Eversheds partnership heavily backed a US tie-up the firm’s executive, which includes chair Paul Smith and chief executive Bryan Hughes, have narrowed discussions down to two law firms. Milwaukee-based Global 100 firm Foley & Lardner, with revenues this financial year of $665m, has emerged as a leading candidate.

Once the final decision has been made, it will be presented to the partnership. The next stage will be due diligence between Eversheds and its chosen firm, which is likely to take several months.

Significant factors in choosing the right US merger partner for Eversheds include culture, a full-service offering and a New York presence. A strong corporate team is also important, although the US firm does not need to be led by its corporate practice.

An Eversheds spokesperson said: ‘Our global strategy, including an intention to establish a presence in the US is well documented. Our investigations continue in this respect.

‘While we appreciate that there will be speculation on our progress, a number of options remain open to us and until we are clear on the way forward it would be wholly inappropriate to comment further.’

International expansion as a whole has loomed large in Eversheds’ thinking since the mid-2000s when it became increasingly evident that the firm had to rapidly upgrade its international offering. This was further reinforced in the firm’s 2020 Vision, a three-year strategy put forward by Hughes in 2012, which emphasised global aspirations.

Foley & Lardner has 17 offices across North America, including in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. The firm also has a presence in Brussels, as well as in Shanghai and Tokyo.

Eversheds posted essentially flat results for the last financial year, with revenues subdued at £380.7m compared to £379.1m in 2013/14, while profit per equity partner nudged up 2% from £731,000 to £749,000.

kathryn.mccann@legalease.co.uk

Legal Business

Linklaters and Eversheds fuel TDR Capital’s £1.3bn stake in Euro Garages

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Corporate Eversheds SutherlandLinklaters
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Eversheds and Linklaters have won key roles on TDR Capital’s £1.3bn investment in Euro Garages, one of the UK’s largest privately-owned forecourt operators.

Linklaters acted for TDR Capital, the London-based private equity house  that owns rival company European Forecourt Retail Group, while Eversheds advised Euro Garages, the Lancashire-based company owned by brothers Mohsin and Zuber Issa which has 180 freehold-owned sites predominantly located across the North West, North East, Yorkshire, Midlands and Wales.

The deal was led on the Eversheds side by corporate partners Daniel Hall and Robin Skelton alongside partners Nick Swiss, Jason Wurzal and Phillip Tunney. Partner David Holdsworth led for Linklaters while Rothschild also acted as financial adviser to Euro Garages and the Issa family.

Hall, who has advised the Issa brothers for 20 years, said it underlined one of Britain’s biggest business successes in recent years, and had propelled Euro Garages to become one of Europe’s leading fuel retailers.

Mohsin Issa added: ‘We have been very impressed with the commitment and professionalism of the Eversheds team who worked on this deal. The team delivered quickly and efficiently, a testament to the firm’s effective leadership and a strong work ethic demonstrated by all.’

Euro Garages, which was founded in 2001, has grown rapidly in recent months, acquiring over 170 new sites as well as purchasing 48 forecourts from EXXON Mobil’s Esso unit last year. The company listed its turnover at the end of July 2013 as £439m, and currently employs over 1,800 members of staff.

kathryn.mccann@legalease.co.uk

Legal Business

Ranson eyes Eversheds’ chief exec role as he leads growth drive

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Leadership Eversheds Sutherland
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In a move which sets him in a strong position to run for chief executive when incumbent Bryan Hughes steps down in 2017, Eversheds managing partner Lee Ranson (pictured) has been tasked with leading a ‘Growth Agenda’ following the firm’s subdued performance in this year’s Legal Business 100, which saw growth flatline, and profit per equity partner (PEP) edge up by 2%.

The strategy revamp was announced during a practice group conference this summer as the firm’s three-year plan came to an end. Ranson told Legal Business the agenda was about making sure junior lawyers coming through the business have the skillsets and opportunities to sell.

‘Quite often in this profession it is thought that only a select number of partners sell. We want to change that so all our people are looking at how they can grow the client relationship.’

Hughes, who is limited to serving two terms, is stepping down from his role as chief executive in May 2017, with the election for his successor expected to take place by the end of next year. Ranson added that he was keen to build on the platform he and Hughes had created: ‘I’m sure there will be a number of people who have a vision for the firm. Where I am at the moment, the next logical step for me would be to seek election as chief executive. All things being equal in 18 months’ time.’

In the meantime, the new growth drive that Ranson is leading will see senior partners spend more time mentoring associates and junior partners to be more commercial, as well as sales training and investment into budgeting and available resources. Hughes said: ‘We would like revenue to be a little more aggressive on the top line. Our three-year plan came to an end, we have tweaked the measures but will continue to drive our 2020 game plan along the same lines – the same channels of our client strategy, our people strategy.’

The 2014/15 financial year saw Eversheds post flat results, with revenue at £380.7m compared with £379.1m last year, while PEP increased from £731,000 to £749,000.

kathryn.mccann@legalease.co.uk

Legal Business

Ranson eyes Eversheds’ chief exec role as he leads growth drive

Posted on |
Leadership Eversheds Sutherland
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In a move which sets him in a strong position to run for chief executive when incumbent Bryan Hughes steps down in 2017, Eversheds managing partner Lee Ranson has been tasked with leading a ‘Growth Agenda’ following the firm’s subdued performance in this year’s Legal Business 100, which saw growth flatline, and profit per equity partner (PEP) edge up by 2%.

The strategy revamp was announced during a practice group conference this summer as the firm’s three-year plan came to an end. Ranson told Legal Business the agenda was about making sure junior lawyers coming through the business have the skillsets and opportunities to sell.

Legal Business

Eversheds’ Manchester office loses partner trio to DLA Piper as firm builds up in construction

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Strategic recruitment DLA PiperEversheds Sutherland
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DLA Piper has targeted Eversheds‘ Manchester base, hiring three of the firm’s partners from the office, as its bulks up it infrastructure and construction practice.

David Moss and Paul Giles join DLA as partners while Nigel Proctor comes in as a consultant in the global firm’s infrastructure, construction and transport sector, though a start date is still to be confirmed.

Moss and Giles are both contentious construction lawyers with 25 and 15 years’ experience respectively. Moss specialises in project management, administering contracts and resolving claims in the civil, oil and gas heavy engineering, and building industries, while Giles is specialised in dispute avoidance and resolution in a number of industries including road, rail and nuclear.

Chartered civil engineer Proctor is a non-contentious construction lawyer with 20 years’ experience advising on both client funded and project financed infrastructure projects in the UK and internationally.

Commenting on the hires David Gray, UK head of DLA’s litigation and regulatory group, said the group would help to develop the UK construction disputes team as well as the firm’s infrastructure, construction & transport sector globally.

Liam Cowell, managing partner of the firm’s Manchester office and a finance and projects partner added: ‘David, Paul and Nigel are a dynamic team who have worked together for a number of years at different firms and have built a significant practice together. Their appointment will increase our breadth of experience in the infrastructure sector not only in the North West but across the UK and internationally.’

The team first worked together at Hammonds before splitting up as Proctor joined Addleshaw Goddard and both Moss and Giles joined McGrigors. All three joined Eversheds in 2012.

kathryn.mccann@legalease.co.uk