Eversheds has increased its revenue by 10 per cent, from £356m to £390m. Profit per equity partner (PEP) is also up by 10 per cent, from £502,000 to £552,000. Net profit, which last year stood at £72.5m, has grown by 7 per cent to £77.6m.
Chief executive David Gray said the figures meant the firm was on target to meet its strategy to expand its international and London offerings.
“Our revenues were slightly down on last year as the real estate and finance departments have been hit, but also there’s been significant investment internationally as well as with our London move to One Wood Street,” said Gray.
The PEP increase was half that of the previous year’s. “The 20 per cent increase in PEP last year and the year before wasn’t going to be sustainable,” said Gray. “The 10 per cent mark is actually closer to where we were aiming.”
Pinsents posted an 11 per cent increase in turnover to £213m, while Wragges’ grew by 11.5 per cent to £125.5m, just short of the £127m that the firm predicted at the half-year stage.
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