Eversheds' profit per equity partner (PEP) jumped 14% to £729,000 in the 2013-14 financial year, while overall turnover at the firm was up 2% to £383.5m.

Staff bonuses at the firm were also up 22%, while net profit also ticked up 1% year on year to £86.2m, giving the firm a profit margin of 22%

Last year was a period of considerable investment for the firm, with over £30m spent on expanding international operations in Asia, the Middle East and Africa as well as on IT infrastructure projects.

By sector, revenue at Eversheds' financial institutions and transport sectors were up 15% and 22% respectively. Revenue across the firm's Middle East offices showed the strongest growth of 32%, while London office revenue gained 7% and turnover in Asia was up 9%.

The revenue hike is slower than 2012-13′s financial performance, when Eversheds posted 2.7% turnover growth and PEP edged up 1.6%.

"We saw an increase in revenue, improved our cash position, and whilst we continued to invest heavily and significantly increased bonuses paid to staff, we improved the bottom line and PEP," said Eversheds' chief executive Bryan Hughes (pictured).

"If the recent upturn in transactional activity continues, we expect to further improve upon our financial position this year."

The firm recently took home the Property and Construction, Litigation and Dispute Resolution and Commercial team awards at the Corporate Counsel Middle East Awards, jointly hosted by Legal Week.

In May, new senior office partners took charge at Eversheds' Newcastle, Nottingham, Cardiff and City offices.

So far, other top UK firms to have posted financial results for the 2013-14 year include Clifford Chance, Herbert Smith Freehills and Allen & Overy.

Nabarro, Hill Dickinson and Gateley have also revealed increases in profit for the year.

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