04:26, January 09 539 0

2018-01-09 04:26:32
Eversheds salaries cost £16m more in first post-merger results

Eversheds Sutherland International has published its first results since last year’s merger showing a £16m increase to its wage bill.

The firm saw wages and salaries rise 12.3 per cent from £127.3m in 2015/16 to £143m for the 2016/17 financial year. Overall costs for salaries, social security, pensions and staff costs rose 10.2 per cent from £174m to £191.9m.

Data gathered by The Lawyer Market Intelligence (LMI), shows that the firm brought in 18 partners with the majority of the hires joining the firm’s UK offices, London and Manchester being the main beneficiaries.

A spokesperson for the firm pointed to Eversheds Sutherland’s “investment in its people” as the key reason for the growth.

Overall turnover grew 7.5 per cent from £404.8m to £435.3m with the areas encompassing “the rest of the world” posting the best growth of 40.6 per cent from £27.8m to £39.1m.

Turnover in the UK grew 1.5 per cent from £340.2m to £345.6m while the rest of Europe posted 37.5 per cent growth from £36.8m to £50.6m.

Member remuneration and profit share was up slightly to £111.5m from the previous year’s £107.4m.

Despite the growth in business, the firm reported a 21 per cent fall in executive committee pay from £7.6m to £6m. This owed to one member of the executive committee stepping down in the last 12 months, though the firm declined to comment on how many partners make up the executive committee.

The executive committee had seen just shy of a 10 per cent rise from £7m to £7.6m in the previous financial year though last year’s total fell significantly shy of that.

The highest-paid partner at the firm received £1.4m, a slight decrease on the previous year’s £1.429m, though average partner remuneration saw a slight rise from £386,000 to £391,000.

Eversheds Sutherland International LLP, whose members recently elected Pamela Thompson to the role of chairperson replacing Paul Smith, does not encompass the legacy Sutherland Brennan & Asbill (SAB) side of the business. The financials for legacy SAB are not integrated with this part of the business so an upturn in the US business is not reflected in these figures.

Similarly, the firm announced last week that its Dutch operation had been integrated into the International LLP so its results will have been excluded from these figures.

As stated in the accounts, these figures reflect the firm’s business in France, Germany, Luxembourg, Dubai, Doha, Abu Dhabi, Hong Kong, Shanghai and Beijing as well as its joint ventures in Riyadh, Russia and Singapore.