National giant Eversheds has become the first top 10 UK firm to release its financial results following its conversion to limited liability partnership (LLP) status, revealing a major debt reduction programme in the process.

The annual report, for the financial year ending 2004, shows the 335-partner firm has cut its debt by two-thirds from £27.5m to just £9.1m and slashed its overdraft by more than 50%, which the firm puts down to good cash collection and conservative budgeting.