Law firm Shoosmiths has achieved another record financial year in FY22-23, despite challenging macro-economic conditions, delivering a revenue increase of 7% to £194.1m.
Net profit increased by more than 3% year-on-year to £62.7m, and the firm sustained a strong PEP of £676,000 (marginally up on last year’s £675,000).
These results have been achieved while implementing a new strategy, moving two significant offices to new locations and while bolstering its competitive people proposition, some details of which are revealed today.
More information can be found in the firm’s Impact Report FY23.
These latest results reflect the firm’s ongoing success in winning, growing and supporting clients on complex, high-profile mandates, reflecting its strategy to excel in its chosen markets and lead the upper-mid-market by 2030.
In the last financial year, Shoosmiths won coveted 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.
As part of this highly focused approach, the firm turbo-charged its investments in key lateral hires this year across its chosen markets, with the likes of Real Estate heavy-weight Patrick Duffy, Capital Markets specialist Nick McCarthy and Complex Litigation expert Hannah Field.
The firm’s ongoing success is driven by its people and because of its strong financial performance, Shoosmiths has been able to make further investments in its competitive employee proposition. For example, as part of the firm’s ‘Pathways to Parenthood’ policies – which include fertility leave and pregnancy loss policies, as well as 26 weeks’ enhanced pay for maternity, adoption and shared parental leave – Shoosmiths announced a new 12-week fully paid co-parent leave policy as well as providing funded access to backup childcare, adult care and pet care.
Shoosmiths also celebrated the opening of new ‘destination offices’ in the heart of Birmingham’s business district at 103 Colmore Row and Edinburgh’s Haymarket development. Both have adopted cutting-edge design philosophies to optimise these spaces to support wellbeing, champion inclusivity, and promote collaboration, helping colleagues to realise their full potential.
The firm also launched a new reward strategy for the 2022/23 financial year, which included a new firmwide collegiate bonus scheme and a new values-based recognition scheme, designed to embed a culture of excellence.
Commenting on the results and enhancements, 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.”
The firm’s annual Impact Report released today reveals in more detail the progress Shoosmiths has made in the last financial year relation to its clients, people, innovation, ESG (environmental, social and governance) and financial performance.