Eversheds LLP filings show £6.4m cost of Middle East acquisition
Eversheds' acquisition of Middle Eastern law consortium KSLG will cost the firm £6.4m, according to the firm's 2010-11 accounts, recently filed with Companies House. The firm's limited liability partnership (LLP) filings include details of the predicted costs of the May 2011 acquisition, which gifted the top 10 UK firm new bases in Iraq, Jordan, Saudi Arabia and Dubai.
January 10, 2012 at 09:33 AM
2 minute read
Eversheds' acquisition of Middle Eastern law consortium KSLG will cost the firm £6.4m, according to the firm's 2010-11 accounts, recently filed with Companies House.
The firm's limited liability partnership (LLP) filings include details of the predicted costs of the May 2011 acquisition, which gifted the top 10 UK firm new bases in Iraq, Jordan, Saudi Arabia and Dubai.
The accounts, confirming the firm's audited turnover of £354.5m, also show that Eversheds' highest paid member is expected to earn £967,000 for the year, compared with £872,000 in 2010, while average remuneration per member stood at £354,000, up from £334,000 in 2010. This compares with the firm's reported profits per equity partner (PEP) of £555,000 for 2010-11.
Operating profit climbed by more than £4m to £109.7m, while staff costs dropped by around £800,000 from £147.4m in 2009-10 to £146.6m. This came against a 124-strong reduction in the number of lawyers outside the partnership and support staff. The reduction in staff numbers includes a number of redundancies made as a result of the business services outsourcing agreement agreed with Accenture in August 2010.
The filings also show that Eversheds reduced the deficit on its defined benefit pension scheme from £1.3m in 2010 to £672,000 in 2011. Meanwhile cash in the bank at group level increased marginally to £41.8m. Unsecured bank loans and overdrafts repayable within one year stood at £20m, with the firm having committeed bank facilities in place totalling £60m at the close of the 2010-11 financial year, down from £72m the previous year.
Separately, Burges Salmon's 2010-11 LLP filings showed that the regional firm's turnover increased to £66.1m, while operating profit stayed relatively static at £23.3m, in part due to expenses related to the firm's move into a new headquarters in Bristol.
The top-50 firm's member count fell by one to 65, while average profit-per-member moved from £352,000 to £362,000, with the highest-earning partner taking home £467,000. Average remuneration for salaried members stood at £215,000.
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