Eversheds is putting the finishing touches to a three-year strategy document, in which the firm is aiming for average equity partners profits of £600,000 and a London office turnover of more than £100m.
The firm’s plans include raising its partner profits figure, which currently stands at £422,000, by 42%, as well as increasing its profit margin from 20% to 25%. It also aims for its London office revenues to grow from £70m to £110m by 2009 and has stated that it expects a minimum of 15% annual growth across its nine sector groups.
Legal Week has learned the document includes additional plans for ‘mini-mergers’, which would target niche domestic practices or the London offices of international firms, and a major investment in corporate, projects and financial services in the capital.
The three-year strategy, dubbed ‘Making it Happen’, has been drawn up by chief executive David Gray along with the firm’s senior management team, which is made up of London chief Cornelius Medvei, financial director Claire Hafner, European managing partner Michael Brown and UK chief Bryan Hughes, as well as practice heads and regional managing partners.
Gray told Legal Week: "If you compare us to the benchmark firms then it is clear some of our financial performance has not been up to scratch. We have given ourselves some tough targets but the bottom line is if we can grow our profile in London then we will grow it everywhere."
The document was rolled out to partners and associates last month before an abridged version was distributed to remaining staff. The firm is now holding a series of consultations with partners until the end of August and aims to put the strategy in place by September.
News
Eversheds three-year review targets £110m City turnover
Published: 03/08/2006 00:00
Email article | Comment on this article | Sign up to News Alerts
Sunday 06/07/2008
Job of the Week
Current Issue
The pay review led to furious senior associates Recent updates include DLA Piper, Linklaters, BLP, Dewey and Herbert Smith