For the first time since 1988 when four-law firms merged to create Eversheds, the firm has surpassed the £400m turnover barrier after a revenue boost of 6.5 per cent in the 2015/16 financial year from £381m to £405.5m. This was a much needed improvement given the disappointing drop of almost 1 per cent from £384m in 2013/14. Eversheds’ CEO Bryan Hughes stated, “Eversheds’ financial performance for 2015/16 was very much in line with our plans and expectations. We made the decision to make significant investments across the board, and are pleased that we maintained our net profit position notwithstanding these investments, which we believe give us an even stronger platform on which to build.”
The main office behind this growth is London, while Eversheds’ Middle East and Asian offerings have also contributed significantly to the global turnover. The firm has been able to reinvest this into improving a number of processes including IT infrastructure, management systems and the global billing processes. In other financial news, net profit remained rather stagnant at £87.5m, as opposed to profit per equity partner (PEP) which went up slightly to £742,000 from £740,000.