Profits at top-50 international firm Eversheds Sutherland continued to grow last year, confounding fears of a contraction in the City. The firm today reported net profits of £175.2m in the year to 30 April 2023; 17% up on the previous year’s figure. However the rate of growth was down on the 23% posted in the exceptional post-pandemic year 2021/22.
In 2022/23 revenue grew by 8% to £730.9m - the same rate as the previous year’s - and profit per equity partner increased by 4% to £1.29m, the firm said. The PEP growth rate was sharply down on the 26% posted in 2021/22.
Lee Ranson, chief executive, Eversheds Sutherland (International), described the results as ‘pleasing’ amid ‘volatility in many of our key markets’.
’We have continued to drive our strategy forward with a focus on delivering excellence. Key areas of investment have included technology and transformation (including client-facing technology), lateral hires, refurbishment of our property portfolio including a number of new offices and last but not least, our responsible business programme,’ he said.
Technology and, in particular, generative AI will be central to the firm’s investment strategy, Ranson said. ’As a priority, we will be equipping our people with the necessary knowledge and skills to place the firm at the forefront of the gen-AI revolution, both in terms of how we leverage this new technology ourselves and how we work with clients.’
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