Eversheds‘ turnover drops 4 per cent” />Eversheds has seen turnover drop during the first six months off the financial year, with revenues sitting 4 per cent down on the same period last year.
The drop means Eversheds, which is the first firm to announce its half-year results, attracted £188m in fees over the six-month period compared to £196m at the same point last year.
Eversheds chief executive David Gray said the small decline is evidence that the business is holding up well amid difficult circumstances. He added that some practice areas, such as competition, saw growth of around 30 per cent.
“Given the economic turmoil of the last six months, it’s not surprising that law firms are facing reduced revenues,” said Gray. “Over the next two quarters we will continue to focus on providing our clients with the quality and value proposition unique to Eversheds and helping them through these challenging times.”
In the last few months Eversheds has kick-started a redundancy consultation, which could see up to 33 lawyers and additional support staff lose their jobs. The firm is also closing its Norwich office and moving the personnel to Cambridge (TheLawyer.com, 4 September).
As reported on TheLawyer.com last week, the firm has red carded its equity partnership, leading to the partners’ profit shares for the next two quarters being held back (TheLawyer.com, 30 October). Earlier in the year it curbed travel expenses in a bid to cut costs (TheLawyer.com, 8 October).
Read our half-year story for more financial results.