Eversheds results: revenue and PEP up 10%

Eversheds has become the latest firm to post double-digit growth in both turnover and profits per equity partner (PEP) after the national giant announced its latest financial results today (15 May).

Revenue at the top 10 UK firm jumped by 10% over the last 12 months, from £356m in 2006-07 to £390m for the most recent financial year.

PEP, meanwhile, also grew by 10% to £552,000 - up from last year's figure of £502,000.

Commenting on the results, Eversheds chief executive David Gray (pictured) said: "We are on course to achieve the strategic objectives we outlined two years ago, which centred on increasing the coverage of Eversheds International, expanding our London offering, becoming a great place to work and continued investment in first-class client service."

However, he warned: "We recently conducted research which highlighted client concerns about legal fees - 55% felt that the growth in law firm fees was unsustainable. Clients will increasingly expect value for money and it is up to law firms to demonstrate that they can work in a commercial way that enables cost predictability for clients during this uncertain time."

Last month the firm made up 30 lawyers to its partnership, including eight in London and 13 in the corporate group. In addition, the firm this week completed moving into new purpose-built premises in One Wood Street.

The results come after national rival Pinsent Masons announced an 11% increase in fee income earlier this week (12 May) to reach a new high of £213m.

The firm indicated that it expects PEP to be close to £500,000, which would represent an improvement of around 6% from last year's figure of £471,000.

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