Hong Kong and Middle East drove Eversheds’ 2009-10 performance, LLPs confirm

Eversheds saw income from outside Europe more than double during the last financial year while total firmwide revenues dropped.

Lee Ranson
Lee Ranson

According to LLP accounts filed with Companies House, the firm brought in £10.8m from its non-European practice in the 2009-10 financial year, compared with just £4.6m during the previous financial year.

UK managing partner Lee Ranson highlighted performance in Hong Kong and the Middle East as underpinning the growth figures.

“It was the first year that we were reporting for our Hong Kong office. It went from zero to around 35 lawyers in a small period of time. We also had a good year in the Middle East,” he said.

The firm launched in Hong Kong with lawyers from Heller Ehrman and DLA Piper (16 February 2009) and also opened up in Singapore (26 January 2009).

Over the same period income from the UK fell from £335.8m to £321.6m and from the rest of Europe from £25.6m to £22.9m.

Although the firm’s Stockholm office acquired local commercial litigation specialist Södermark in a bid to double its Swedish turnover within a year, the Swedish practice is not part of the LLP and so income does not feature in the European revenues (16 November 2009).

The European contingent of LLP income is generated solely by Belgium, France and Denmark, the latter of which has suffered an exodus since the end of the financial year (14 December 2010).

The accounts also reveal that the firm’s wage bill dropped by £21m from £168m to £147m over the same period, which was largely as a result of an extensive redundancy programme. Total staff fell by 545 or 15 per cent from 3,510 in 2009 to 2,965 in 2010.