Eversheds Sutherland was sitting pretty atop a hefty and fast-expanding cash pile at the end of a bullish 2021/22 trading year, the latest accounts of the non-US business show. At 30 April 2022, the group held a cash balance of £160m, up from £109m 12 months earlier.

The members’ report for Eversheds Sutherland (International) LLP says the cash pile, together with ‘significant headroom’ within its banking facilities, will enable the group to ‘respond to changing market conditions and opportunities without the need for additional financing’.

The accounts add more granular detail to headline numbers released by the firm earlier this year. Pre-tax profit rose to £250.7m from £237.5m in 2021, on turnover which climbed from £629m to £678m. But staff costs rose from £266m to £283m, eating into the operating surplus.

The UK accounted for almost all the increase in international income. Domestic turnover climbed to £523m from £479m, while revenues in Europe were flat at £101m. Turnover in the rest of the world rose to £52m from £47m.

The highest-paid partner, who is not named, enjoyed a 30% increase in remuneration to £2.71m. Average partner remuneration climbed to £651,472 (£623,135). Seven executive board members, including chief executive Lee Ranson and managing partner Keith Froud, shared profit and salaries totalling £8.7m, up from £6.8m in 2021.

The firm revealed in July that profit per equity partner had topped £1m for the first time.

Total headcount across the international business climbed by over 200 during the year to 3,722. 

In 2021/22 Eversheds Sutherland also booked a £15.6m profit on the sale of a subsidiary, Evolve Servicing.

 

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