Eversheds Sutherland makes a profit and retains talent
Eversheds Sutherland has announced the recording of profits for the past financial year, despite the devastating consequences of the pandemic.
In the case of this law firm, neo profit increased by 5% to £109 million in the financial year ending in 2020. Revenue increased by 8% to £592 million and profit per equity partner increased by 2%. These results do not include the results obtained by the law firm in the United States.
"Whilst the business has responded well to the challenges and uncertainty created by the pandemic, and adapted quickly to the changing priorities and needs of our clients, there is no doubt that the year ahead will be testing for us all given the high levels of uncertainty across the world," said Chief Executive Offiver Lee Ranson.
Despite the difficult situation facing many law firms, Eversheds promoted 38 lawyers to partner in April, a 40% increase in promotions compared to 2019. Among these promotions, 22 lawyers were British, while the second most promoted country is South Africa.
In addition to Eversheds' financial results, the firm is making an effort to retain talent. Specifically, the firm has decided to retain 38 of the 43 qualified trainees posted in the UK, assuming a UK retention rate of 88%. They also decided to retain five qualified trainees in Hong Kong.
Among the retained qualified trainees, who will have an indefinite contract, the vast majority of them belong to the corporate commercial law department, while another significant part of them belong to the disputes department.
"This is a clear message to other trainees and the wider legal market that we are still investing in the growth of the firm despite the challenges that Covid-19 has presented, as we secure the long-term future of the firm by continuing to commit to a strong pool of junior talent," said HR director Lorraine Kilborn.