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News

posted 24 Jun 2009

Eversheds profits drop 27 per cent

INTERNATIONAL LAW firm Eversheds has released its financial results for 2008/2009, posting profits per equity partner (PEP) of £404,000.

The figure marks a 26.8 per cent drop from the £552,000 reported for the 2007/2008 financial year, while year-on-year revenue fell six per cent to £366m.However, chief executive Bryan Hughes said this performance was “satisfactory” in light of the severity of the global economic downturn and market conditions and that the business was “in a robust condition”.

“Many of our clients have suffered tremendously from the effects of the credit crunch and we have shared their pain,” he explained.

“We were one of the first law firms to act by way of response to the decline in commercial activity and undertook a significant restructuring programme, which saw 16 per cent of our workforce leave the business and the closure of our Norwich office.”

He added that the firm had also continued to invest throughout the downturn, with new office openings in Singapore and Hong Kong, and a new headquarters in London.

In other news, the Eversheds London office was named ‘best corporate workplace in the south-east of England’ at the British Council for Offices (BCO) awards in May 2009.

BCO judging chair Robin Brodie Cooper said the design brief was “to provide a vibrant, healthy and sustainable workplace to retain and attract the best talent, to provide a culture friendly, non-hierarchical, collegiate and open firm and finally improve business efficiency through use of new technologies and ways of working”.