Eversheds partners fund overseas growth
EQUITY partners at the law firm Eversheds were asked to contribute £10,000 each to help fund overseas investment last year.
The plan raised £1.9m during the year to April 30, according to newly-filed accounts, and was used to open offices in a number of locations including Abu Dhabi and Doha.
It was cited as the cause of a 20% drop in operating profits to £92m. Turnover dropped by 6% to £366m.
The accounts also show the firm, which employs around 300 staff in Manchester, has negotiated a new three-year £20m bank loan, to replace its short-term overdraft facility. The move has increased its cash in hand at the bank by nearly £10m to £28.9m.
The highest-paid lawyer at the firm received £608,000 during the year, down 29% on the previous year’s figure of £860,000.
