Profits at Shoosmiths up three per cent to £62.7m

Profits at Shoosmiths up three per cent to £62.7m

David Jackson

Shoosmiths has achieved another record financial year with a revenue increase of seven per cent to £194.1m.

Net profit increased by more than three per cent year-on-year to £62.7m, and the firm sustained a strong PEP of £676,000 (marginally up on last year’s £675,000).

In the last financial year, Shoosmiths won appointments on high-profile panels including The Co-operative Bank, Mercedes Benz and Whitbread, as well as cementing its position as the most active law firm on corporate transactions across the UK (according to Experian) and most active firm in Europe (Pitchbook).

The firm underwent a comprehensive re-brand to bring clarity to the market on its strategic ambitions and focus. The firm also sold its private client business in June to focus on its real estate, corporate and litigation capabilities and clients.

Shoosmiths also launched a new reward strategy for the 2022/23 financial year, which included a new firm-wide collegiate bonus scheme and a new values-based recognition scheme, designed to embed a culture of excellence.

David Jackson, CEO at Shoosmiths, said: “Our mission is to lead the pack of premium mid-market law firms by 2030 and this is a great stride towards that goal. I couldn’t be prouder of our people for delivering these excellent results in such challenging times and would like to thank our amazing clients for their continued trust and collaboration with us.

“Make no mistake, Shoosmiths is intent on fulfilling its ambitions. We are focusing on what matters to our clients and our people. We are doubling down on the pursuit of excellence in our chosen markets, and we have made exceptional strides forward this year.

“From reinvigorating our brand so it more closely reflects our identity and focus areas, to making fantastic strategic hires, to making a difference in the communities in which we operate, we are making an impact.

“And by evolving our employee proposition, sharing our success through a compelling reward strategy, and refreshing our values, this firm is on an exciting journey, and we want the very best people to come and join us in our mission.”

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