Profit growth has stalled at law firm Eversheds Sutherland, the firm reported today, as it battled “more challenging economic conditions” in most of the markets it operates in.
The firm’s annual revenue increased by three per cent to £749.4m, up from £730.9m, but less than the eight per cent growth it reported last year.
However, net profit was slightly down to £175.1m, compared to its £175.2m it generated during the previous year, when the firm’s net profit had jumped a whopping 17 per cent. Profit per equity partner (PEP) was virtually unchanged, rising slightly to £1.3m, up from £1.29m last year.
Eversheds CEO Lee Ranson stated that “against the backdrop of more challenging economic conditions in many of our international markets, we have delivered a solid set of results”.
He added: “We have continued to invest in people, infrastructure, and technology. With signs of improving activity in the transactional markets, I believe that we are well placed to continue to drive our global strategy forward.”
The firm also noted several significant milestones throughout the fiscal year, including the launch of a cooperation agreement with King & Wood Mallesons (KWM) in China, boosting its international presence.
It was reported this week that Eversheds has also moved into the Polish market, launching an arbitration practice in Warsaw.