Eversheds Sutherland breaks $1bn mark in first financial results since transatlantic tie-up
Firm announces 5% revenue increase in first post-merger financials
February 01, 2018 at 07:41 AM
3 minute read
Eversheds Sutherland has announced revenue of $1.03bn (£700m) in its first financial results since its transatlantic tie-up one year ago.
The revenue figure relates to the financial year ended 31 December 2017 and has been aggregated from the financial results of Eversheds Sutherland (international), Eversheds Sutherland (US) and the members of Eversheds Sutherland (Europe).
Eversheds said this represents a 5% revenue increase on the preceding year.
The combined firm launched on 1 February 2017, after legacy Eversheds tied up with US firm Sutherland Asbill & Brennan in a non-financially integrated deal.
Eversheds Sutherland's international arm posted revenue of £438.6m for the 2016-17 financial year, an 8% hike on the £405.5m the firm generated in 2015-16.
Legacy Sutherland meanwhile had revenue of $305m (£214.6m) for the 2016 calendar year.
London-based co-chief executive Lee Ranson said: "By any measure, we have had an excellent first year as Eversheds Sutherland. Clients were the primary driver for bringing our legacy firms together and the success we have had in winning new clients and growing our business with existing clients has exceeded all our expectations and promises well for the future."
Client wins for the combined firm include an appointment as Turkish Airlines' sole outside legal provider, acting for German infrastructure company DB Engineering and Consulting on its successful bit of construction a high-speed railway in California, and an appointment to technology company Smiths' global panel.
US co-chief executive Mark Wasserman said: "We are very fortunate to have clients who entrusted us with some of their most important and significant matters in 2017. Our growth in the last 12 months is a direct result of the strong collaborative culture that brought us together. Looking ahead, I am confident that our unrelenting focus and commitment to our clients and our people will drive our continued success."
Last month, Wasserman and Ranson spoke to Legal Week sister title The Recorder about their new strategic plan, which places integration and the creation of a "common culture" as key goals for the combined firm.
Last year, the firm expanded into Russia by acquiring Nordic firm Hannes Snellman's Russian operation, giving it five new partners and 17 lawyers plus offices in Moscow and St Petersburg.
In September, the firm opened an office in Luxembourg with the hire of two partners and five associates from Simmons & Simmons.
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