LAWFUEL – Law Firm Announcements – International law firm Eversheds LLP is on course to achieve the strategic objectives it set itself two years ago, as it announces its financial results for 2007-8, revealing continued growth.
Eversheds has delivered a 10% growth in annual revenue which now stands at £390m. Profit per equity Partner (PEP) growth also grows in line with revenue growth at 10%, bringing Eversheds’ PEP to £552,000, combined with a sustained profit growth of 7%, achieving annual revenues of £390 million. This continued delivery of strong performance figures follows the implementation of a series of major strategic investment plans across the business, including brand new offices in the City of London.
However, the firm is warning that the legal sector will face challenges in the coming year, as the full impact of the credit crunch is felt.
David Gray, chief executive at Eversheds, comments:
“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, we are not naïve in thinking that the credit crunch won’t impact the sector – it will. While we have ensured that our business model means we can react to any market conditions, we understand that the current economic climate means that many clients will be looking to manage costs much more closely and our investment in cutting edge project management and Global Account Management systems ensure that Eversheds is able to do just that.”
David Gray continues:
“We recently conducted research which highlighted client concerns about legal fees – 55 percent 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.”
In 2007, Eversheds announced plans to implement a new way of working with clients, which enabled the firm to predict costs and time at the outset of a project. The roll-out of this project management approach, which was highlighted by the groundbreaking Tyco deal and several subsequent high-profile wins, was followed by the launch of Eversheds’ innovative Global Account Management System (GAMs), a client-facing IT infrastructure.
Added to this, Eversheds’ London staff moved into new purpose-built, state-of-the-art premises in the City at One Wood Street. The building, which is extremely environmentally-friendly and incorporates a new ‘legal studio’ method of working, is Eversheds’ new headquarters.
David Gray continues:
“Our new offices at One Wood Street will cement our objective to become one of the best law firms to work for. Our people are, without doubt key to our business – we announced 30 partner promotions across the firm and Eversheds International during 2007-8. We want our people to be proud of where they work and One Wood Street is the embodiment of a way of working that every modern law firm should deploy. We remain committed to investing in our people, their personal development and the environment they work in.”
In the last twelve months, Eversheds International has grown to include offices in South Africa, Switzerland, Lithuania, Latvia, Estonia, Prague and Bratislava and in Abu Dhabi – further strengthen their Middle East practice. Across Eversheds International, performance remains strong, with particularly robust growth from the German, Polish and Irish offices.
David Gray concludes:
“Although we have made fantastic progress towards achieving our strategic goals, we are still committed to investing and laying the foundations for continual growth, and ensuring we work closely with our clients to ensure their needs are met and that further investment is made in client facing innovative systems such as our unique Global Account Management system.”