Law firm Eversheds has warned the legal sector will face challenges as the “full impact” of the credit cruch is felt.
Unveiling a ten per cent rise in annual revenue for 2007-2008, the company said it was nevertheless on course to deliver the strategic objectives it had set itself two years ago.
Profit per equity partner (PEP) growth also matched revenue increase at ten per cent, bringing Eversheds’ PEP to £552,000, combined with a sustained profit growth of seven per cent.
Sue Lewis, senior partner at Eversheds in Birmingham, said: “We are on course to achieve the strategic objectives we outlined two years ago.”
She added: “Over the last 12 months we have been involved in a number of high profile projects changing the face of our region, including the creation of 2.9 million square feet of city centre mixed use space at Martineau Galleries for Hammerson, Land Securities and Pearl, and Birmingham’s next iconic buildings, the V Building for Dandara and the Cube for Birmingham Development Company.
“In addition, we have acted for Hampson Industries and Lavendon on a number of high profile transactions and have also had the lead role in a number of recent private equity deals including advising companies like the Britton Group and the Stone Group on secondary buyouts.
“However, we are not naïve in thinking that the credit crunch will not affect the legal sector. Whilst we have ensured that our business model means we can react to any market conditions, we understand that the current economic climate means that many clients will be looking to manage costs much more closely and our investment in cutting edge project management and global account management systems ensure that Eversheds is able to do just that.”