Eversheds makes strides towards eliminating pension deficit

Eversheds cut it pension deficit in half during the 2010-11 financial year as part of a strategic plan to clear the liability altogether.

According to the firm’s LLP accounts, the pension deficit reduced from £1.33m at the 2009-10 year-end to £672,000 a year later. Director of finance Kathryn Fleming said the firm was “working to bring down to zero” its pension deficit and had been making “enhanced contributions” to achieve that aim.

The firm’s LLP accounts also show that the highest paid partner at the firm took home £967,000 compared with an average profit per equity partner of £555,000, as published in The Lawyer UK 200 2011.

The firm spent much of 2010-11 investing in its international practice, expanding in the Gulf through the acquisition of law consortium KSLG. The LLP accounts show that the cost of the acquisition, including a deferred consideration, was £6.4m.

The merger, which went live on 25 May, gave the firm seven new partners and 30 fee-earners, as well as offices in Amman, Baghdad, Dubai and Riyadh (25 May 2011).