Click here to post your comments (anonymously) and help build an insider's profile of this national giant, using the categories listed below as a guideline.
Overview
Omnipresent national giant Eversheds is among the largest firms in the UK more or less however you emasure it - revenue, fee earners, offices in Norwich. The firm placed 8th in the 2007 Legal Week Top 50, raking in £356m in fees - just below DLA Piper but well ahead of national rivals such as Pinsent Masons and Addleshaw Goddard.
Eversheds' partner profits, meanwhile, climbed by 19% in 2007 to break the £500,000 mark (just about).
"The firm has a distinctly national feel to it," begins one contributor - which seems reasonable enough for a major commercial practice boasting offices in Nottingham, Norwich and Cambridge. "In terms of pure City-oriented work I'm not entirely convinced it punches its weight above [leading London firms]."
He suggests that bigger clients currently seem to favour the likes of Ashurst, BLP and Herbert Smith ahead of Eversheds for the more lucrative work, although this could be changing. "I would think that in the not too distant future Eversheds can punch quite easily into that market too," he adds.
"Eversheds is better in London than people give credit," says a more upbeat contributor. "But they could sell themselves better."
That City presence was boosted in early 2008 when the national giant secured a merger with parliamentary agents boutique Rees & Freres, giving Eversheds a distinctive new line of work in the capital.
History
The firm was formed from a collection of regional practices to forge the UK’s largest national practice with over 2,000 lawyers. Integration of so many disparate teams has taken some time but the firm now largely functions as one practice.
Culture
Still variable because of the sheer range of the practices. Different regional offices are regarded as having very differing cultures, particularly its traditional regional strongholds of Leeds, Manchester and Birmingham, which can be very independently-minded. Smaller outposts have sometimes struggled for identity and faced questions about where they fit into the long-term strategy. Cardiff is the home of the firm’s sizeable bulk divisions, so functions very differently to other major offices. Generally viewed, by the standards of commercial firms, as a bit less ruthless and a bit more fluffy.
Key departments/leading partners
Hard to pin down because of the breadth of practice and locations. Manchester has some well-regarded corporate lawyers like Danny Hall, Edward Pysden and Nigel Dale. Birmingham is the stronghold of some top-rated property lawyers such as Parmjit Singh and Tim Webb. Other decent corporate partners include Robin Johnson and Peter Halpin. The firm also has a range of decent lawyers across commercial areas including public law, employment and pensions. London, meanwhile, has a respected financial services team.
National/international coverage
Very wide nationally, with no less than 10 offices across the UK, including key regional hubs like Norwich. The firm has a patchwork of foreign offices and a wide network of alliance firms covering most of Europe.
Key clients
Include Tyco, DuPont, Centrica, Legal & General, Rolls Royce, Wilson Bowden and Bakkavor.
Career prospects
Good. The firm has shaken up the business a lot in recent years, has consistently made a good number of partners – including a record haul of 30 this year – and is ambitious. Equity is now guarded a little more jealously than in recent years but is not yet at DLA Piper levels. Since the firm has taken a tougher line with under-performing partners in recent years, there appears to be space for new talent.
Salaries
“Notorious miser” is how one regional solicitor brands the firm; Eversheds is certainly not regarded as a pace-setter on pay, either nationally or in London. It pays nears the top of the market but is not the most generous. Not a great bonus scheme either.
At a senior level, the firm overhauled its partnership last year to bring in a much more aggressively meritocratic system for distributing cash to its equity partners. The firm pays all staff a flat bonus, £400 last year. One poster describes its bonus structure for assistants as being “based on chargeable hours (up to 20% of salary depending on hours)”.
Recruitment
Prospects are best in London, where the firm is ramping up investment even further. For more info on Eversheds' recruitment programme, click here.
Work-life balance
Not viewed as one of the most hard-bitten firms, though times are changing as it has committed itself to substantially beefing up its London office over the next three years.
Diversity
As a reasonably progressive employer and one with a substantial national presence, better than average.
Eversheds is better in London than people give credit. But they could sell themselves better.
Can see the likes of Addleshaws and Pinsents challenging them more over the coming years, so they need to watch out.
The regional offices now offer Magic Circle hours for magic beans pay. As a result, recruitment has very suddenly become almost impossible (except for NQs to 2yr PQE from "high street" firms, with the recruits almost invariably leaving within 12 months).
There has been a noticeable rise in departures since the start of 2007, either to other firms in the regions (for more money and fewer hours), to London or to the Far East. Five years ago it seemed that people usually left when they reached some sort of career roadblock, but now many of the resignations are of "star" assistants at 2 or 3 yrs PQE who are simply sick of working such long hours for frankly ridiculous pay.
Morale has been very badly hit by the recent pay review, which left pay levels for any given level of PQE almost unchanged and triggered open and universal fury. Some partners have been in a state of mild panic at the reaction this week, with a feeling that if these pay levels are locked in until July 2008, the damage may be considerable.
Local partners are powerless to offer candidates the cash to turn this around, as all spare money must be sent to our friends in London.
There have been some rumours of a further "emergency" pay review in September, but this may be wishful thinking...
You can't claim that you work the same hours in the regions as those in London. My experience of Evesheds through my spouse and from my own regional national, is that they very much have an up and down culture. Yes you may be busy for a spell, but it is no means continuous, unlike in London where it is. (Even in corporate, as the M&A boom not as healthy as in London) Anyone claiming they work the same as London (my sister works at a magic circle so I feel able to comment) should take a look at their actual billing/hours compared to London at say six months and then a year and compare. This is what partners do I'm sure. Then it becomes apparent you do not work the same hours and therefore should not be remunerated the same.
In my new in house role, I have instructed Eversheds on a few matters and have been less than impressed. The lawyers I have met from Eversheds need to beef up their technical expertise and commercial awareness, and they need to be a bit more responsive to client's needs. If things don't improve soon, I will be recommending to my colleagues that we take Eversheds off our list of external counsel.
Eversheds has been appointed sole legal adviser for Tyco and Threadneedle. This shows their competency, integrity and reputation already. I have them on my legal panel and I would recommend for their speedy and professional response. Eversheds will make a number of lateral hires soon so watch out for some surprises.
David Gray should have better things to do than pretend to be an "MC Lawyer" sending fluffy PR postings to a legal week wiki board.
Lateral hires? The bargin basement prices we pay attract laterals who promise the world but turn out to be lemons when they arrive. No more surprises there.
Eversheds is rated as a Band 1 and number one on retail open ended funds. What more recommendation do you need? Private equity houses are sending more of their work to them due to their highl-rated know-how resources.
If the Laterals you hire turn out to be lemons then its your own recruitment who needs to get the blame. If they turn out to be Lemons, then why did you hire them in the first place? If you dont give proper training to Laterals nor proper guidance on how to handle deals then dont blame them.
This place is a tight-wad with its money. The breaking story about Eversheds holding back on paying a minor scholarship to a law student is typical. Also, why do we act on a matter to evict 100 vulnerable women from a homeless shelter in Watford? Seems a long way from Tyco or 'Band 1'.
Why did they act for evicting vulnerable people? The answer is simple. When you are a lawyer and receives instructions and you are competent to act for it then you should defend the interest of your client. Dont you know about ethics? If you dont like Eversheds or has been forced to leave then dont waste your time rattling about Eversheds, it wouldnt bring you anywhere!
'Barrister'; you miss the point (and need some help on grammar). Eversheds likes to trumpet Band 1 deals but the reality is a staple diet of low value/high volume work. As the intro to this wiki says, the Shed is a firm seeking a bit more direction.
I agree, we now have a major problem with the quality of our laterals. As long as we pay salaries so far behind the top-drawer firms, we are going to continue to have to hire second-rate people from third-rate firms.
Note to David Gray: hiring an endless stream of people with 3 Cs at A-Level, a degree from the University of Darlington and a couple of years working for some pathetic little high street firm is not going to stop the rot and put us back on course. Get your wallet out, and get it out quick.
"Trainee" I think your argument is way off target. Before a law firm is granted a Band 1 reputation a whole lot of criteria are taken into account. The reason why many are moaning about Eversheds on this site is because they didnt get promoted or got hired for a TC. Eversheds is moving to new premises, instructed on bigger deals, associates moving to partnership, profit per equity partner is £600k, they have been recommended by the IFLR, Chambers Partners and Hedge Funds US magazine. Eversheds is the best and will remain the best. Why waste time moaning about them? They just don't care about you!
Times must be harder than we thought at the Bar! The reason why most good associates leave Eversheds - or don't join in the first place - is because of the mediocre pay. You get what you pay for and its medicoracy all the way for the Shed.
Banging around the word "shed" and a mediocre pay shows you've got no strong argument. I am an associate at Eversheds and my pay is well above many regional firms. 'Barrister' has made a very good point and dont waste time banging about the shed.
The major problem for Eversheds is a lack of gravitas in London. Eversheds does not get a single Band 1 ranking (or even a Band 2 ranking) in Chambers for any practice area in London. For Private Equity, Eversheds is described as "quite a big fish in the lower domestic mid-market". I suspect the stumbling block in London is the above mentioned reluctance to pay top dollar to attract the best people.
Eversheds does get a Band 1 title for its investment funds practice area, I genuinely think it's in open-ended funds.
I used to work at Eversheds. There was always plenty of propaganda (leaflets, posters etc) in the shed promoting that they were number 1 of this table or that. Who were they trying to convince? Presumably they will be the 2008 winners of the best law firm with the name Eversheds awards.
Classic case of a firm confusing size with quality.
Every silver lining has a cloud. Open-ended funds at Eversheds is a contradiction in terms.
If you feel Open-ended funds is a contradiction in terms then its best you take the job of the editor of “Chambers and Partners.” You don’t simply get a Band 1 for open-ended funds status for nothing. Eversheds is among the elite in terms of open-ended retail funds and regulatory bodies are always seeking them for advice. It’s easy to say its a contradiction but come forward and prove it.
I worked at the Shed for a spell. It's a well known penny-pincher. Not at all open-ended with its funds. Maybe my last post too subtle for MC Lawyer who has surely never worked at an MC law firm!
CJ, It seems you dont really know the technical meaning of open-ended funds and is trying to use the literal sense of it. I'm at a MC law firm and I regret I left Eversheds. Eversheds had a great teamworking atmosphere.
We used to get a £50 note at Christmas in a goody bag with some sweets etc. They stopped this to even 'up' the various regional offices.
Winners of the Gold Martin Lukes Creovation award. This is for combining two good words to make one bad one. Awarded for "looking for trainee lawyers who are knowlivators (knowledgeable motivators), proactilopers (proactive developers) and five other clumping concepts that sound more like dinosaurs than legal eagles."
any non-London salary info?
Eversheds may not be the best payers in the world and the hours may sometimes be long but people (including myself) stay because there is a great team atmosphere and the emphasis isn't as focused on hours as it is elsewhere
the above has got to have been written by the shed's pr, surely! barrister above, are you grooming an in-house role?!
any word on pay rises this june? we've been told that they'll "get it right this time" after all the bad feeling last year, but i wonder if the economic situation will be a convenient excuse to go back on this?
not expecting anything amazing, but it would be nice to see us catch up a bit with our rivals.
a morale boost for the troops is badly needed!
The comments you have all made are valid. The pay is not as big as the demands and with poorer pay comes lower standards (albeit, higher profits). Retention is a major problem as I'm sure it is with most other large practices - largely due to people becomming bored.
Speaking as someone who used to work there, I must disagree with those making the point that its not all about the hours at Eversheds. I beg to differ. I worked as hard there as I do in my current (MC) job - only difference is I get properly paid for it now. In ramping up their London practice Eversheds is becoming targets and hours-obsessed yet doesn't have the calibre of work to support this. It's a shame because although there are some great individuals still working there, there is a fundamentally misguided approach to management overall.
The city push seems to be going well and the new office will go some way to improve image but they really do want to have their cake and eat it as far as fee earners are concerned. The mantra "to be a great place to work" is inherently inconsistent with landing the next big-ticket deal and working all night (for less pay) - something many people moved there to avoid. The City ambitions are admirable but I dare say there are certain laterals wishing they had stuck at the MC, where there is at least no pretence of a better work/life balance and remuneration is suitably high.
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