Eversheds has cracked the half-million profit per equity partner (PEP) mark for the first time, the firm’s financial year-end results reveal, as first revealed by The Lawyer (7 May, 2007).
The figures reveal PEP having risen 20 per cent for the second year running, bringing this year’s figure to £502,000 after 2005-06’s £422,000.
Turnover has risen 11 per cent to hit £356m, while total profit has grown 14 per cent to hit £75.3m.
Chief executive officer (CEO) David Gray said that the figures show that the firm’s strategic plan, revealed by The Lawyer (26 March), is succeeding.
“Once again, profitability has been one of our key targets over the past year, and with PEP breaking the £500,000 barrier, we have proven our ability to deliver on our promises. Our firm is designed to thrive whatever the market conditions - our model is not one which will follow any boom or bust in the economy.”
As reported by The Lawyer (The UK 100 2006), Eversheds partners will this year be paid via a new remuneration system voted in last year. Under the new system, remuneration is entirely merit-based and partners are paid according to criteria including fee-income generation, profit and strategic value, and client relationship building.