Eversheds Sutherland PEP jumps 12% to break £800,000

Eversheds Sutherland has posted double-digit increases in both revenue and profit per equity partner (PEP) for its non-US business during the 2017-18 financial year.

The firm has boosted its PEP by 12% from £726,000 to £812,000, reaching a record high. Last year, the firm’s net profit and profit per equity partner (PEP) both fell, by 4% and 2% respectively.

PEP is now at its highest at the firm since 2015, when it reached £749,000.

Meanwhile, the legacy Eversheds business took in revenues of £494.6m during the last financial year, up 13% from £438.6m in 2016-17 when revenue grew 8%.

The firm completed a transatlantic merger with Sutherland Asbill & Brennan in February 2017, but the merger partners have remained financially independent, meaning Sutherland’s US revenues are not factored into these results.

Chief executive Lee Ranson said: “We have had an excellent year across our business as demonstrated by these impressive results, with revenue exceeding budget. This was driven by both organic growth and the successful expansion of the business through the opening of a number of new offices across the world.

“It is particularly pleasing to see a strong uptick in profitability after a number of years of flat or negative growth – a clear validation of the success of our strategy. A year ago, I said that confidence in the business is high, and it remains so as we build momentum and look forward to another year of growth.”

Earlier this year, the firm announced combined revenues of $1.03bn (£700m) in its first firmwide financial results since its transatlantic tie-up. The figure relates to the financial year ended 31 December 2017 and was aggregated from the financial results of Eversheds Sutherland (international), Eversheds Sutherland (US) and the members of Eversheds Sutherland (Europe).

Last year the firm expanded into Russia, acquiring Nordic firm Hannes Snellman’s Russian operation, giving it new bases in Moscow and St Petersburg, while in September it opened an office in Luxembourg with the hire of two partners from Simmons & Simmons.

Earlier this year, the firm boosted its Munich office with the hire of a 10-lawyer employment team from German firm Beiten Burkhardt, as part of a push to expand its presence in continental Europe and the US.