Eversheds plans to double financial services consulting revenue as it adds senior hire
Firm aims to double revenue and boost headcount by more than 50% in its financial service consulting arm.
May 09, 2016 at 07:03 PM
3 minute read
Eversheds is aiming to double revenue and boost headcount by more than 50% in its financial services consulting arm during the next financial year.
The firm has also added a new partner level hire, Ian Stott, who joined the firm this week from compliance consultants, the Consulting Consortium, where he was a client service director.
Eversheds launched its financial services consulting arm in early 2015 with senior hires from Ernst & Young and KPMG.
The team of non-lawyers is led by financial services partner David Saunders who, prior to rejoining Eversheds in 2012, was deputy group general counsel for Nationwide Building Society.
One year post-launch, Saunders said the team has achieved its initial goals of building a team, having sustainable revenue, winning repeat business from clients and integrating into the wider firm.
In terms of goals for next year, Saunders said: "We have a headcount of 11 now but by the back end of 2016-17, with the additional hires, we will reach 16 to 17 people and maybe more."
He is also targeting a doubling in revenue during the next financial year but declined to say what the financial services consulting arm's revenue had been in 2015-16.
The group advises on matters such as authorisation work in the investment management and retail finance space, policy and procedure work and regulatory change projects.
The group's latest hire, Stott, joins as a managing director – a partner-level position for non-lawyers.
Stott becomes the third partner-level member of the team alongside Saunders, a full partner and Simon Collins, a managing director.
Saunders also aims to bolster the team with hires at principal consultant level (senior associate equivalent) down to the most junior level, where the firm is looking to recruit and train graduates as compliance consultants.
In addition to full-time consultants, the firm has recruited a bench of 60 financial services contractors for Eversheds Agile, the firm's flexi-lawyer business, which it aims to grow to 100.
Saunders said the financial services consulting business has worked with more than 70 different clients in 2014-15, which it is looking to build on in the 2015-16 financial year.
"The aim is to get more clients through the door, win bigger mandates and more repeat business and ensure the message is out there that we are a consultancy that can compete with good risk consultants and accountants," said Saunders.
He added: "We don't see our competition as other law firms and I am not aware of another law firm that is doing this in the same way that we are."
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