Shoosmiths maintains strong growth with 8% revenue rise
Income at national UK firm climbs to £181.8m with PEP up by 3% to £675k
UK top 50 law firm Shoosmiths has reported an 8% increase in revenue to hit £181.8m against a 3% rise in profit per equity partner (PEP) to £675k.
The figures continue a strong run of results for the national UK firm, which grew revenue by 9% last year and 12% in 2019/20 (see table below).
Perhaps unsurprisingly, the firm did not match the huge 41% rise in PEP it reported last year. Net profit growth of 9% to £60.7m also lagged compared with a 31% increase in 2021. Those results, however, were achieved during a period when the Covid-19 pandemic necessitated one-off cost reductions in areas like travel and marketing.
CEO David Jackson, who was appointed as Simon Boss’ successor in May, was upbeat about the results.
“The firm is thriving, and I am so proud of the amazing people at our firm who have played a significant part in achieving the record financial performance we’re announcing today,” he said.
|Year||Revenue (£m)||Percentage Change||PEP (£K)||Percentage Change|
Like last year, the firm’s financials were released alongside an Impact Report, which details the progress it has made toward developing client relationships and improving upon environmental, social and governance goals.
Highlights from the report include the relocation of its London headquarters, which it unveiled in August, to a ‘future-proofed’ space at No. 1 Bow Churchyard. The firm also signed leases on new spaces for its teams in Edinburgh and Birmingham, both with improvements to collaboration, efficiency and hybrid work culture in mind, the report said.
In terms of expansion, this past year was a significant one for Shoosmiths as it signalled the launch of its first international office in Brussels back in January. The firm turned to EY Law’s former EU competition head Kiran Desai to get the job done as it joined a long list of UK outfits angling themselves to better deal with ongoing Brexit fallout by opening an office in the European capital.
It also hired a total of 20 partners including Manchester construction specialist Ian Hardman, who joined in March from Weightmans, and Birmingham partner Stuart Tym, who joined the firm’s planning practice in November from Irwin Mitchell. The firm said it onboarded a total of 418 new joiners in the past year, including those 20 partners.
On the Impact Report, Jackson said: “This is only a snapshot of what we’ve achieved over the last year. Having just implemented a bold new strategy that will unify us in the pursuit of excellence for the benefit of our clients and each other, we’re confident that Shoosmiths will continue to prosper and set impressive standards in the delivery of law.”
Last week, fellow national UK firm TLT reported an eye-catching 30% increase in turnover to £144m against a 40% rise in PEP to £840k.