Eversheds turnover and PEP up 10 per cent” />Eversheds has seen both its revenues and average profit per partner (PEP) increase by 10 per cent.
The double-digit growth means the firm sees its turnover increase from £356m to £390m, as PEP rises by £50,000 from £502,000 to £552,000. Its net profit, which last year stood at £72.5m has grown by seven per cent to £77.6m.
Eversheds chief executive David Gray said the increased profits and turnover means the firm is on target to meet its strategy set out two years ago to expand its international and London offering.
“We’re not naive, however, in thinking that the credit crunch won’t impact the sector,” added Gray. “Our revenues were slightly down on last year as the real estate and finance departments have been hit but also there has been significant investment internationally as well as with our London move to One Wood Street.”
As Gray explained, Eversheds’ percentage growth did not meet the firm’s record figures from last year where turnover was up 12 per cent or its PEP which shot up by 20 per cent on the previous year.
“The 20 per cent increase in PEP last year and the year before was not going to be sustainable,” said Gray. “The 10 per cent mark is actually closer to where we were aiming.”
The news follows national rivals such as Pinsent Masons posting an 11 per cent increase in turnover to hit £213m, with an expected PEP rise of £30,000 to bring it to around £500,000. Meanwhile, Wragge & Co’s turnover has grown by 11.5 per cent to £125.5m, just short of the £127m that the firm was predicting at the half-year level.
For more on the financial results at all the top UK firms as they come in, see our Top of the PEPs 2008 blog here