Eversheds management see 10% increase in profit share

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Eversheds’ management saw their profit-share increase by 10 per cent in 2015/16, from £6.97m to £7.67m.

Designated board members who gained from the increase include global managing partner Lee Ranson, chairman Paul Smith, partner Robert Pitcher and international chief executive Bryan Hughes.

Meanwhile the amount earned by the highest paid partner dropped 2 per cent from £1.46m to £1.43m last year.

Total turnover for the year increased by 7 per cent to £405m, with the UK responsible for 84 per cent of that figure at £340.2m – up from £337m in 2014/15.

Europe’s turnover more than doubled to £37m up from £17m in 2015. Offices across the rest of the world also grew, with revenue growing 9 per cent to £27.8m from £25.4m in 2015.

Overall staff costs increased by 16 per cent from £150.2m to £174m as the total number of staff increased by 12 per cent to 2,963.

Eversheds’ profit for the year before members’ renumeration saw a decrease of 3 per cent from £111.2m to £107.4m in 2016.

Founding partners of Heisse Kursawe Eversheds (HKE) received a goodwill payment of £2.55m following the restructure which saw HKE partners contribute their business to Eversheds Deutschland LLP when it became a member of the Eversheds Group in May 2015.

Eversheds became Eversheds Sutherland on 1 February following its £600m transatlantic merger with Atlanta firm Sutherland Asbill & Brennan.

Eversheds will continue to file its LLP accounts as a single entity as the two firms will retain separate profit pools.

Both firms introduced a new bonus structure to reward partners for their integration efforts after the merger went live.

The post Eversheds management see 10% increase in profit share appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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