Eversheds reduces debt by nearly £20m in 2011-12
Eversheds worked hard to reduce its debt in 2012, reducing partnership borrowings from £20 million to £639,000 in the 2011-12 year.
Publicly filed accounts also show that the firm's profits per equity partner climbed by nearly 14 per cent to £632,000 with the highest paid partner expected to receive £1.2 million, up from £967,000 the previous year.
UK fee income rose 2 per cent to £327.7 million, and the rest of the global network saw a revenue increase of 49% from £12.6 million to £18.8 million.
The firm took capital contributions of £5.4m in 2011-12, up from £1.7m in 2010-11. Financial director Kathryn Fleming said that the increase in contributions derives from an increase in the number of partners joining the equity, while existing equity partners move through its compensation bands.