Profits Plunge at Eversheds; 16% of Staff Cut

Eversheds has seen a 27% drop in profit per equity partner, to £404,000 ($548,000) in fiscal 2008.

The firm’s profit per equity partner was £552,000 ($885,000) in 2007.

Revenue fell 6% to £366 million ($587 million), from £390m ($625 million) in 2007.

Over the past 12 months, Eversheds has held three redundancy consultations, and cut 16% of its total staff, including 80 lawyers.

Eversheds LLP is one of the largest full service law firms in the world. Headquartered in London, it has 40 offices in major cities across the UK, Europe, the Middle East and China.