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Eversheds’ profits rose to £330,000 in 2003-04, exceeding budget by 7 per cent. Turnover rose 4 per cent from £284.9m to £296.2m.
For the first time, the rise in profits will be directly reflected in bigger pay packets among all Eversheds staff. The firm’s new bonus scheme will see staff members receive at least £335 each. Managing partner David Gray said: “The management decided to reward everyone in the firm and not just the lawyers.”
Eversheds’ results re-vealed a virtually static profit margin of 19.1 per cent, or £56.7m – the year before the margin was 19.2 per cent, or £54.8m. The number of partners dropped slightly, from 337 to 335, although there was a rise in the number of salaried partners, from 159 to 163. Equity partner numbers fell from 178 to 172, while the lockstep spread was £214,000 to £495,000.
Gray said the unaudited figures had been unaffected by the recent changes to accounting rules. “We’ve always sense-tested WIP [work in progress] anyway,” said Gray, “but there is no material difference in our figures as a consequence of FRS5.” Eversheds is expected to file its first full statutory accounts as an LLP by September.
Gray revealed that Eversheds’ new non-executive director and former Allen & Overy managing partner John Rink, who joined the firm in May, is due to report tomorrow (Tuesday 22 June) on his findings so far, after spending a month interviewing partners. “John has obviously had an extremely successful career and is known as a man who speaks his mind,” said Gray. “I think we’re all looking forward to hearing what he has to say.”