The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Eversheds equity partners will share out £12.5m in extra profit over the next eight years thanks to new accounting rules.
The firm has benefited from the recently implemented FRS5 accounting rules with the £12.5m uplift in recognised income - around 4 per cent of this year's total income of £323m.
The uplift will be accounted for in Eversheds' profit and loss account, but will be distributed to partners over a period of eight years in order to spread out the benefit. Each partner is likely to receive an average of around £7,000 per year as a result.
Eversheds' chief executive David Gray said the uplift was a result of the firm's work in progress being more valuable than at first accounted for.
FRS5, relating to the way profit and work in progress are calculated, was introduced in January 2004, but relatively few firms have made any changes to their accounts as a result.