Eversheds average partner pay dips marginally as highest paid member pockets more
Firm's operating profit year-on-year is flat while average partner pay dips to £410,000
February 05, 2016 at 08:54 AM
2 minute read
Eversheds' LLP accounts for the year ended 30 April 2015 show that operating profit remained flat with the average partner seeing a marginal dip in expected take home pay.
In 2014-15 the firm's operating profit, including joint ventures, was £122.6m, compared to £122m the preceding year.
The average partner is expected to take home £410,000, compared to £417,000 the year before. The figure is arrived at by dividing member's remuneration by the number of members.
However, the firm's top earner saw an increase in pay, landing £1.46m, an increase on the £1.38m received by last year's top earner.
In 2014-15 turnover stood at £379.4m, of which £595,000 was attributable to joint venture income. This compares to £382.2m the preceding year, of which £1.7m came from joint ventures.
The account's show that the lion's share of the firm's turnover was generated domestically, with £336.5m generated in the UK, compared with £16.9m in Europe and £25.4m in the rest of the world.
Europe saw the biggest percentage fall by region, dropping from £17.7m in 2013-14 to £16.9m in 2014-15, a 4.6% contraction.
Although administrative and support staff numbers grew by 21 to 941 over the course of the year, overall staff costs shrank 4% to £150.2m.
The accounts show that the group has bank facilities in place totalling £60m, and of these £24m is due for renewal within one year.
The accounts mention the transfer of the entire business of Heisse Kursawe Eversheds to a a new UK LLP, Eversheds Deutschland. The German partners then ceded control of Eversheds Deutschland to Eversheds following the appointment of executive partners form Eversheds LLP.
This represents the merger between German firm Heisse Kursawe Eversheds and the Eversheds. Heisse Kursawe was previously in an alliance with Eversheds.
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