DLA and Eversheds continue to record strong growths in turnover, with the national rivals posting 15 and 13 per cent increases respectively.
Eversheds is still marginally ahead of DLA in total fee income, recording £285m to DLA’s £234m. Eversheds profits per equity partner are understood to be up 10 per cent to approximately £315,000, compared to £287,000 last year, although the final reckoning is still to be made. Hammonds recorded a more modest increase, with turnover up just 2 per cent to £137.1m.
However, DLA still remains significantly ahead on profits, with profits per equity partner this year sneaking up an extra 2 per cent to £460,000.
Hammonds saw a massive 20 per cent rise in profits per partner, which jumped to £330,000. This was largely due to an 11 per cent reduction in Hammonds’ equity partnership; however, the overall net profits were also up by 7 per cent to £29.4m.
During the course of the year the firm has made a number of significant changes: it rejigged its remuneration system and demerged the debt and arrears management business and the commercial insurance business into separate partnerships.
Top of Hammonds equity is now £135,000 greater than last year’s £580,000, while the bottom of equity dropped by £10,000 to £160,000.
While DLA saw a much more modest percentage increase in profits per equity partner, the firm did make a number of major investments over the last 12 months in its international reach.