Partner profits up 14 per cent at Eversheds

BRITISH LAW firm Eversheds announced a jump of 14 per cent in partner equity profits yesterday and a three per cent increase in revenue as it unveiled its 2011-2012 financial results.

Revenues rose three per cent to £366m, while partner equity profits increased to £632,000.

The firm, which has 16 offices globally, achieved its highest ever levels of profitability, with net profit increasing by 10 per cent year-on-year to £70.1m.

The firm’s financial services dispute resolution practice grew 16 per cent, capital assets grew by 20 per cent and its offices in Asia and the Middle East grew by 26 per cent and 100 per cent respectively.

Chief executive Bryan Hughes said: “This is a return to growth for the firm following three years of declining or flat revenues which is very encouraging, and through continued focus on managing the margins it is pleasing to see this growth cascade down to the bottom line.”

Hughes added that although the firm is targeting top line growth again, he did not anticipate a large increase in partner profits this year.

“We see now as the time to increase investment – particularly internationally, and we also expect to add equity partners in the business, both through promotions and lateral hires,” he said.

Despite Hughes’s caution the firm has continued to pick up new mandates throughout June.

Its UK office advised Segro, Europe’s leading owner-manager and developer of industrial property, on exchanging conditional contracts to sell four of its non-core industrial estates for £204.5m last week.

In May it also advised Sepura, which designs, develops and supplies Tetra digital radios, on the acquisition of Vienna-based 3T Communications – a supplier of infrastructure for Tetra.