Eversheds

Author: Legal Week

14 Dec 2009 | 00:13

Law firms:
Eversheds

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Overview

Eversheds is among the largest firms in the UK however you measure it - revenue, fee earners, number of offices. The 334-partner firm placed 9th in the 2009 Legal Week Top 50, raking in £365.9m in fees, well ahead of national rivals such as Pinsent Masons and Addleshaw Goddard.

eversheds-woodst Eversheds' partner profits, however, fell by 27% in 2009 to reach £404,000, a reflection of the impact of the recession that took hold of the UK economy in the second half of 2008.

"The firm has a distinctly national feel to it," begins one contributor. "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.

Such comments reflects Eversheds' roots as a group of regional law firms that forged a national practice in the 1990s. The firm has since gone on to become fully integrated in profits and management. The firm's ambitions over the last five years have increasingly switched to the competitive London legal market, where it now has a substantial practice. The firm in 2008 made a statement of intent in the Capital, moving to flagship premises in Wood Street.

The last three years has also seen a growing emphasis placed on its international network. This has been reinforced by its successful drive to sell itself as a one-stop-shop for large corporate clients like Tyco, which has bolstered its international expansion.

However, despite its grand ambitions, there is no doubt that the domestic recession - and in particular the deep gloom in the property market - has hit Eversheds' practice hard. The firm was one of the first major UK law firms to make job cuts in 2008 and has now been through three redundancy programmes, with the firm shedding a total of 600 jobs over the 2008-09 period through redundancies and natural attrition. With Bryan Hughes recently taking over as chief executive Eversheds will be looking to build on the acclaim it has recently garnered for partnering deals with major clients like Tyco and put a tough trading period firmly behind it.

History

The firm was formed from a collection of regional practices to forge the UK's largest national practice with more than 2,000 lawyers across the network. Integration of so many disparate teams has taken some time but the firm is generally regarded to have been truly functioning as an integrated practice, in the UK at least, for a few years now.

The firm was one of many to be hit by the downturn in 2008, when the firm began a redundancy consultation that saw thirty-three property lawyers and a number of support staff come under threat. The firm at the same time announced the merger of its Norwich and Cambridge operations into one location in Cambridge. There was further evidence of the strain on its business when Eversheds hit the headlines in October 2008 for suspending partners' quarterly profits distributions to improve cash collection.

The firm, whose largest property practice was heavily hit by the recession and the malaise in the UK property market, ultimately made two more redundancy rounds. In total the firm has shed around 600 staff through redundancies and natural attrition as it moved to reshape its business for a much-changed market.

Nevertheless, there has been positive news for the firm in recent years with Eversheds winning plaudits for its drive to build the infrastructure and technology to better serve clients, a model it pioneered with Tyco and has since rolled out more widely. The firm has also shown some flair in its marketing and imagination considering how legal services will develop in future.

Click here to read a 2009 analysis of the firm's progress.

At the 2008 British Legal Awards, Eversheds walked away with the much coveted Law Firm of the Year award.

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.

Unsurprisingly, three redundancy rounds across 2008 and 2009 have taken their toll on the morale of staff. Legal Week Intelligence's latest Employee Satisfaction Report found a number of staff felt undervalued. There was also some concern regarding the firm's culture. Eversheds will want to rebuild morale in future as it moves past its restructuring.

Click here to read Eversheds' ‘Visions and Values'.

Key departments/leading partners

Hard to pin down because of the breadth of practice and locations. Manchester has some well-regarded corporate finance lawyers like Danny Hall, Edward Pysden and Nigel Dale. Birmingham is the stronghold of some highly-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.

A non-exhaustive list of leading partners across the firm would include:

Corporate finance: Stephen Kitts, Sue Lewis, Michelle Thomas, Neil Matthews and Rob Pitcher
Litigation: Jonathan Sinclair, Paul Worth and Peter Jones
Employment: Owen Warnock, Peter Norbury and Simon Loy
Local government: Stephen Cirrell and Judith Barnes
Projects: Marcus Trinick

National/international coverage

Very wide nationally with nine offices across the UK and a total of 38 offices group-wide. The firm's international network, which comprises both fully-integrated offices and alliance firms, looks set for substantial growth.

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)".

In July 2008, the firm froze its salaries for newly-qualified lawyers in both London and the regions, at £62,000 and £39,000 respectively. Likewise, Eversheds solicitors with one-year post-qualification experience also had their pay bands frozen at £61,000-£68,000 in London and £37,250-£40,500 for those outside the capital.

In October 2007 Eversheds introduced new performance bands for junior salaries, a move which gave NQs the opportunity to earn more than their seniors. Pay for two-year post-qualified lawyers onwards is almost entirely merit-based.

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

Historically 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 in future. There are also reports that the firm has become more focused on hours as its ambitions have grown. Legal Week Intelligence's 2009 Employee Satisfaction Report, which included responses from 205 Eversheds assistants, found the firm was given relatively low marks for work/life balance by its own staff. Neither were assistants that happy about billable hour expectations. Set against that, the firm has in recent years made some efforts to support flexible working..

Diversity

As a reasonably progressive employer and one with a substantial national presence, better than average.

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COMMENTS (TOTAL 41 COMMENTS)

Eversheds is better in London than people give credit. But they could sell themselves better.

Anonymous -17 Apr 2007 | 12:29

Can see the likes of Addleshaws and Pinsents challenging them more over the coming years, so they need to watch out.

Anonymous -13 Jun 2007 | 19:32

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...

Anonymous -13 Jul 2007 | 21:17

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.

Eversheds spouse -03 Aug 2007 | 17:14

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.

Ex-MC, now in-house lawyer -11 Nov 2007 | 16:49

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.

MC lawyer -22 Nov 2007 | 13:53

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.

E-Shed -22 Nov 2007 | 17:54

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.

Associate -22 Nov 2007 | 18:26

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.

US Lawyer -23 Nov 2007 | 08:57

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.

Logical LLP -23 Nov 2007 | 10:37

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'.

Trainee -23 Nov 2007 | 12:45

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 -23 Nov 2007 | 18:08

'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.

Trainee -24 Nov 2007 | 17:23

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.

Anonymous -24 Nov 2007 | 23:10

"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!

Barrister -26 Nov 2007 | 12:34

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.

MC Associate -26 Nov 2007 | 15:57

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.

Associate 2 Partner -26 Nov 2007 | 17:24

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.

London Partner -30 Nov 2007 | 15:37

Eversheds does get a Band 1 title for its investment funds practice area, I genuinely think it's in open-ended funds.

Sudan whiplash -03 Dec 2007 | 12:53

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.

Associate, mid-tier (ex-sheds) -03 Dec 2007 | 16:54

Every silver lining has a cloud. Open-ended funds at Eversheds is a contradiction in terms.

CJ -03 Dec 2007 | 19:45

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.

MC Lawyer -05 Dec 2007 | 08:53

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 -05 Dec 2007 | 14:14

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.

Kris -06 Dec 2007 | 06:46

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.

Brum Shed Boy -07 Dec 2007 | 17:24

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."

Anonymous -02 Jan 2008 | 14:46

any non-London salary info?

Brum Girl -14 Feb 2008 | 16:55

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

Anonymous -14 Mar 2008 | 17:52

the above has got to have been written by the shed's pr, surely! barrister above, are you grooming an in-house role?!

Anonymous -18 Mar 2008 | 17:55

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!

Anonymous -27 Apr 2008 | 20:48

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.

Pinched -28 Apr 2008 | 11:39

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.

Anonymous -28 Apr 2008 | 15:20

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.

associate, london office -29 Apr 2008 | 18:29

Oh dear. Will the last man out of the office in Brum, turn the light off please.

Associate -30 May 2008 | 15:22

Oh dear. I am thinking of joining Eversheds. Have things changed on pay and hours or are they still as bad as people seem to have been saying??

Newby -26 Jun 2008 | 00:39

To the person who made the following comment: "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".What a snobbish attitude! Just because a lawyer works for a high street firm does not mean that they are inferior to a lawyer who works for example, a magic circle firm. Only a self-absorbed and materialistic person would have such strange views. Think outside of the box. How I feel for people with such attitudes!

National firm -17 Aug 2008 | 14:40

I agree with the comments from National Firm. It is a very snobbish and somewhat childish attitude to have. There are a quite a few partners at magic circle firms that I work for who previously worked at or began their careers at high street firms. They are incredibly intelligent people with fantastic communication skills.One should look at individuals for their qualities and not generalise!

MC firm -21 Aug 2008 | 17:20

I used to work at the Shed and saw the launch of Ev back in the late 1980s. Staff were told at that time that one of the principles of Eversheds would be that London would never become head office. In light of the recent imminent closure of Norwich and 'bigging up' of London in their new eco-building, together with the move of decision-making to London some time ago, this unfortunately seems to have been forgotten. Despite consistent reassurances from the partners that Norwich would never close, does this make the partners untrustworthy?

Ex Shed paralegal -05 Sep 2008 | 16:36

re the above - of course it is forgotten! Most of the current partnership were probably still at school in the late 1980s. They are in it for themselves and that means the here and now. If they could flog the firm to martians for a profit they probably would. Just ask anyone in the Cardiff office doing the bulk insurance work for a pittance compared to the equity partners who no doubt pay their nannies more than most employees.

once a para myself -19 Sep 2008 | 19:30

Legal Marketeer

A year's a long time. After waves of redundancies, what's Eversheds like to work for today?

Legal Marketeer -04 Aug 2009 | 09:15

solicitor

LegalMarketeer, have you not read the surveys? FOUR redundancy rounds - and those are the OFFICIAL ones. Morale is in the toilet.

free at last -11 Sep 2009 | 11:52

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