Shoosmiths turns adversity into an opportunity

Shoosmiths turns adversity into an opportunity

Nine per cent growth in turnover and 31 per cent hike in net profit tells a tale of successes achieved by the firm

The UK full-service law firm Shoosmiths LLP has reported excellent results with a steep hike in revenue while the profit per equity partner (PEP) shooting up by 41 per cent.

Ranked 36 in UK top 50 law firms, Shoosmiths achieved impressive growth figures this year, managing to successfully navigate through the pandemic to record a sharp 41 per cent hike in profit per equity partner (PEP) to £658,000.

The firm's turnover grew 9 per cent on last year's £154.1 million to hit £167.9 million, while the net profit witnessed an increase by 31 per cent from £42 million to £55.4 million.

This year's performance followed equally impressive numbers last year when revenue rose by 12 per cent against an 11 per cent increase in PEP.

The firm's results were released alongside its inaugural Impact Report that has details the progress it has made toward developing client relationships and reaching environmental, social and governance (ESG) goals.

Simon Boss, Shoosmiths chief executive officer, said the results reflect the firm's ability to adapt to the pandemic's 'new normal'.

"The pandemic catapulted society and businesses into a new and different world, which saw old working practices replaced by new and advanced the adoption of new technology at a rapid pace. I'm proud of everything we have achieved over the last 12 months and our Impact Report tells the story of how during this difficult and exceptional time, we have continued to support our clients, communities and our people to deliver successful results for all," Simon Boss said, adding that throughout FY20-21, the firm also made significant progress towards achieving its ESG goals.

"And in terms of our financial results - there is a direct link from our values, to our actions, to these results. Our success is built on our overall approach to be a responsible business and in going the extra mile for our clients," the Shoosmiths CEO said.

"Our ESG vision is to be the leading UK law firm famous for its positive contribution to society. We believe it is increasingly important for businesses to lead the way to collectively combat climate change, to address the causes and the effects of inequality, to nurture talent and believe that it can come from anywhere," Peter Duff, the Shoosmiths Chairperson explained.

"I'm proud of everything we have achieved over the last 12 months and I look forward to the next 12 months. As we begin to look ahead to a world beyond the pandemic, our focus is on how our firm can continue to support our clients and our people to find different and better ways to succeed," Duff said.