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Eversheds’ average profit per equity partner (PEP) figure increased 28 per cent in the 2009-10 financial year to hit £517,000.
Last year the firm’s 150 equity partners took home an average of £404,000 (27 May 2009). Despite the rise, the 2009-10 PEP figure is still short of the £552,000 posted at the end of the 2007-08 financial year.
Total revenue for the 2009-10 year dropped 3 per cent on the previous year from £365.9m to £355m.
The firm, which made four rounds of redundancies during the downturn, now has 136 equity partners in its ranks.
Eversheds chief executive Bryan Hughes said in a statement: “Eversheds has emerged from unprecedented trading conditions as a leaner, more efficient business that’s well-placed as the global economy continues to recover.
“We have a team committed to understanding our clients’ needs wherever they operate so as to deliver to the highest standards of service excellence. At the same time we’ve worked with our clients to find new ways to deliver our services more efficiently, yet still maintaining a high quality product
“As a result, Eversheds is better placed than ever to win market share and to work with our clients to develop opportunities in our targeted growth markets across the globe. While we remain conservative in our outlook, we face the future with renewed confidence safe in the knowledge that we have a world class team that delivers award-winning client service.”
Eversheds is one of a handful of firms to have announced financial results for the last year. Denton Wilde Sapte recently reported a PEP increase of 22 per cent, while turnover dropped slightly (19 May 2009).