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Eversheds posts 2 per cent revenue rise to £384m, PEP up 13.6 per cent to £729k

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  • Financial results such as these supports Dentons' approach re PEP. Net profit, a far more important figure when analysing business performance is up 1%, in line with the turnover growth of 2%. It's refreshing to see a firm use profit to invest in the business rather than draining it out amongst the partners.

    PEP can be manipulated in a number of ways, so this year's 14% increase is not due to exceptional performance, but a shift of profit away from the business and into partners' pockets. As a metric it's only useful from a recruitment stand-point.

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  • My maths isn't great, but if revenue and profits were steady but PEP rose 13%... what does that mean? A blood bath at Eversheds where they lost 13% of their equity partners? Or some other event that isn't described in the article.

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  • This PEP figure is laughable. The majority of partners at Eversheds will take home less than £250k.

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  • Does Eversheds calculate PEP in the same way as DLA i.e. only include a sub-set of Equity Partners being those on more than 400k pa?

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  • Stop drinking your own Kool Aid and devote yourselves to builiding meaningful enterprises. If you are earning £700k+ running an Eversheds-type outfit, consider yourself lucky and lay low.

    I agree that this only reinforces the point made by the Dentons leadership. How many times in recent years have we seen such headlines for other firms -- very modest increases in revenue and profit coupled with significant increases in PEP?

    What is to be gained by the handful of partners and leaders actually earning this amount at Eversheds, besides antagonizing their colleagues and raising clients' eyebrows?

    Trying to publicize $1 million+ to attract a certain type of US merger suitor? You should be well-known enough already for the consistent quality of your work to the right US firms. If it's valuable laterals you are trying to attract, I would certainly think there are more effective and subtle means of engaging with the right people.

    When will law firm leaders stop believing their own publicity and rein in their egos? When will they realize that there are only a few true masters of the legal profession that are (i) not at large, middling firms, (ii) too modest to publicize what they earn, and (iii) more interested in the law and the next generation of lawyers?

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