Eversheds Sutherland sees 18% global revenue hike as non-US PEP jumps 26% to top £1m
Firm hails ‘best year ever’ for transactional teams amid strong firm-wide performance
Eversheds Sutherland has posted an 18% increase in revenue to $1.501bn for its global business in 2021 alongside growth for its international business of 8%.
The results combine the transatlantic firm’s global turnover for the 2021 calendar year with headline results for legacy UK firm Eversheds’ business for the 21/22 financial year.
The 8% increase in revenue for the firm’s non-US operations to £678.4m translated into a stonking 26% rise in profit per equity partner (PEP) to £1.24m. Net profit hit £150.3m, a 23% increase on FY20/21.
The results mark the fifth consecutive year of PEP growth for the international business in the five full financial years since the transatlantic merger between Eversheds and Sutherland Asbill & Brennan went live in 2017.
Lee Ranson, chief executive of Eversheds Sutherland International, said the results had been driven by a consistently strong performance across the whole firm but highlighted the contribution of the transactional teams, saying they had “turned their best year ever”.
“We continue to make very good progress in relation to our global strategy, not only delivering significant growth but also with regard to our objectives around client-facing technology, people and responsible business. Looking ahead, continued investment in these areas remains a priority,” he added.
The results put Eversheds well ahead of UK rival Pinsent Masons, which saw revenue grow 6% to £531.1m against a 16% rise in PEP 739k.
Highlights for the firm over the past year include the launch of an office in San Francisco in March led by a transactions partner Baird Fogel, who joined from Morgan Lewis. Last June it also expanded its footprint in three new markets by combining with Portuguese firm FCB and its associated offices in Angola and Mozambique.
The firm’s efforts toward better diversity and inclusion have seen it progress towards its target of 10% minority ethnic partners in the UK by 2025 and set a new firm-wide target to have 35% women partners by 2027.
Eversheds narrowly missed its target to have 30% women partners by 2021 – 28% of the partnership were women as of September – but nudged closer to its goal with a partner promotions round in April in which 20 (65%) of the 31 newly made up partners across its non-US business were female.
In terms of ESG, measures taken by the firm included a commitment to invest at least 1% of annual net profits in its responsible business programme, publishing its first sustainability report and receiving approval from the Science Based Targets initiative for its medium-term greenhouse gas emissions reduction plan. The firm said it aims to be net zero by 2050 at the latest.