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Everatt & Co is that rare beast - a defendant personal injury (PI) firm that appears to be thriving in the current price-conscious, panel-obsessed environment.
While many firms of its size have become used to posting reduced financials over the past year or two, Everatt is anticipating an increase in revenue of at least 15 per cent for the current financial year – and possibly more.
The firm’s financial year ends on 31 August, by which time it is hoping total revenue will have risen from £6.3m in 2008-09 to around £7.5m-£8m.
In keeping with this growth, last August the Evesham-headquartered firm, which is 85 per cent defendant PI and around 15 per cent employment work, opened an office in London. And not just anywhere in the capital, but on Threadneedle Street, home to the Bank of England and right in the heart of the UK’s insurance homeland of the City. As far as making a statement of intent goes, they do not come much clearer.
“I think it’s fair to say it’s unusual for an Evesham firm to open in Threadneedle Street, but it’s a result of client demand,” says senior partner Nick Yates.
“As well as taking us to the heart of the insurance industry, it allows us to feed work back to our office in Evesham.”
That work can be handled at a lower price than purely City-based rivals could manage. However, while Yates is keen to stress that Everatt is not merely a lower-cost option, he adds that the current relatively low commercial property prices in London made the decision to open there sensible both in the short and long term.
“Our original intention was to open up a satellite office, but one of the great current advantages about property in London is that it’s cheap,” says Yates. “That means we’re looking at a long-term solution relating to property in London.”
Back in Evesham the firm is also branching out into the PI-related area of travel, with the hire of Vizards Wyeth’s former head of travel and tourism Michael Gwilliam, whose client base includes tour operators, travel agents and airport companies.
Senior partner: Nick Yates Turnover: £6.3m Number of partners: 11 Number of equity partners: Four Number of lawyers: 35 Number of fee-earners: 50 Main practice areas: Defendant personal injury, employment Key clients: Fortis, QBE, Dudley Metropolitan Borough Council, Ecclesiastical Number of offices: Three Locations: Alcester, Evesham, London