A share of profits paid to senior partners at Eversheds Sutherland dipped last year, according to the first set of full annual accounts to be published since UK firm Eversheds merged with US-based Sutherland Asbill & Brennan.
In accounts for the year ending 30 April 2017, the firm reported that its ‘key management personal’ shared £6 million – down 21% on the £7.6m reported for 2016. It is not known how many members are in the group though it includes chief executive Lee Ranson and international managing partner Keith Froud.
The firm’s highest paid partner, unnamed in the accounts, received £1.4m, a slight dip compared to last year’s £1.429m.
Average earnings per member rose from £386,000 in 2016 to £391,000. Profit was up 5%, £6m, from £125m to £131m, while turnover increased by 7.6%, up to £436m from £405m.
However, the accounts also show an increase in short term loans due to creditors and that the firm raised an extra £10m in bank loans this year.
Amounts falling due within one year stood at £96m, up from £80m in 2016. This includes a bank loan of £18.4m, up on last year’s borrowing of £8.3m.
The accounts also show ‘loans and other debts due to members’ standing at £89.4m (down from £91.5m). Those funds are due after more than a year.
The combined firm, which has 2,300 lawyers in 29 countries, began operations on 1 February 2017.
Most City firms have reported strong results so far this year with magic circle firms A&O and Linklaters and international firm Fieldfisher all reported high partner earnings.