Eversheds bucks the market trend with growing turnover

Eversheds has overcome marketwide economic pressures by beating its billing budget with revenues of £296m.

Turnover for the financial year to April 2004 signalled a 4 per cent increase on the previous 12 months, when gross turnover reached £284.9m.

Eversheds managing partner David Gray said: “It’s been a tough legal market for all law firms.

For law firms, there’s no guarantee of repeat business, but we’ve been able to repeat the £285m we made last year and increase it by £11m.”

Total billings were above the firm’s projected budget, which was reviewed halfway through the year.

At present, Eversheds is still finalising net income for the 12 months.

For the financial year to April 2003, net profit totalled £54.8m, a 4 per cent increase on the previous period. Gray said he was quietly confident that net income would hit targets, which would be good news for Eversheds’ associates and support staff.

At the beginning of the last financial year, Eversheds introduced a bonus scheme which was open to everyone at the firm, except for partners, where people are rewarded for hitting profit targets.