Record profits for Eversheds

INTERNATIONAL law firm Eversheds has reported record profits, with a 6% year-on-year net profit increase.
 
Revenues for the financial year 2012-13 increased to £376m, a 3% increase on last year.
 
David Beswick, senior partner at the firm’s Birmingham office, said: “We anticipated difficult trading conditions at the start of the year and planned accordingly, which enabled the firm once again to deliver a strong set of financial results.
 
“Maintaining revenue growth was very pleasing, particularly as our revenue line was flat at the half year.
 
“This, alongside the very favourable cash position, emphasises the financial robustness of the firm. The continued focus of the whole team on managing the margins, ensured that the growth cascaded through to the bottom line, creating an excellent platform for 2013/14.”
 
A number of areas experienced growth over the last 12 months. Litigation teams saw strong growth whilst financial institutions and energy and natural resources grew by 20% and 14% respectively.
 
The continued investment in international operations resulted in revenue growth across all regions with Asia and the Middle East both seeing double digit growth in the year.

In May the firm said it was in the process of cutting or redeploying 116 staff following a consultation.

It is restructuring its UK real estate and company commercial practices due to the “anticipated volume of transactional activity in the medium term”, alongside the closure of its 29-strong Copenhagen office.