Financials
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Net profit up 16% to £76.6 million
Revenue up 5% to £217.2 million
PEP up 30% to surpass £1 million
3% firmwide bonus pay-out
Carbon data & net-zero initiatives
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Emissions continue to decrease in line with our Science Based Targets initiative (SBTi) net zero targets, with a 20% reduction in our footprint since 2020, including a 95% reduction in carbon emissions associated with electricity. This trend is expected to continue, with 100% renewable energy expected to be complete by the end of 2025, if not sooner.
Emissions from travel are down almost 30% since 2020, thanks to our sustainable travel policy and internal carbon price on air travel, which creates a ring-fenced budget for funding carbon reduction activities with the funds generated by the levy on flights. We remain on track to meet our carbon targets approved by the SBTi:
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- achieve net zero by 2040
- reduce Scope 1 Emissions by 55.7% by 2030
- source 100% of electricity from renewable energy from 2025 through to 2030
- halve scope 3 emission by 2030
We also committed to a target to achieve net zero by 2025 for our scope 1 and 2 emissions which was not validated by SBTi. This goal was set in good faith and we have made significant progress in delivering against it, reducing scope 1 & 2 emissions by 74% since 2020. However, considering the physical footprint of the firm we have been unable to reduce emissions in line with the requirements to claim net zero. As a result, we will invest in high quality carbon removals to balance our remaining emissions, and will commit to doing so until 2030 at least, to ensure that we are operationally carbon neutral, while continuing to invest in emission reduction activities.
Further detail will be shared in our next Carbon Reduction Plan, which will be published in September 2025.
How we are supporting our people
This year we introduced our One Shoosmiths career framework to create clear expectations for the roles of our people in the firm. Informed by our 2030 business strategy, the framework has been used to create tailored training and development that is relevant, meaningful, impactful, and available on-demand in the flow of day-to-day work. That means that colleagues can find the support they need when they need it most, creating clarity on how our people can influence their career development.
Race Equity Action Plan
We launched our Racial Equity Action Plan (REAP), which includes our anti-racism commitment and pledge to improve racial diversity and equality across the firm, at the end of 2024.
We worked with an external culture change consultancy to run focus groups and one-to-one interviews to collect qualitative data in developing the REAP. This enabled is to form a fuller picture of the experiences of ethnic minority employees at the firm, as well as in the legal sector more broadly. The findings of these exercises were shared at a dedicated firmwide Town Hall and informed development of the REAP, alongside further consultation with our Embrace network and representatives from Shadow Board. The attrition gap between minority ethnic and white employees at the firm has reduced by 4% for this financial YTD compared with 23/24.
Aligned to the three DEI strategy pillars of accountability, opportunity and community the REAP actions include career progression and advancement, attitudes and behaviours, employee voice and pathways for reporting, leadership and management, and systems and processes.
Last year also saw the launch of the Discover Placement (spearheaded by the Early Careers team) and the introduction of new solicitor apprenticeship pathways – both showcasing our ongoing commitment to widening access to the legal profession and attracting and progressing talent from all backgrounds.
Shoosmiths’ Discover Programme offers high-achieving applicants from under-represented groups in the legal sector a unique opportunity to gain legal work experience and mentorship. Aligned with the firm’s DEI goals, the programme includes a one-week placement where participants experience life as a trainee solicitor—working on real case files, attending meetings, and completing a business development project. Before the placement, each participant is matched with a mentor who provides guidance throughout the programme and beyond. The experience also includes networking opportunities, team support, and social events, helping participants build confidence and connections ahead of the training contract assessment centre.
Social mobility
A new social mobility working group has also been created (consisting of leads from every office). The group meet quarterly to share best practice across outreach activity with young people from disadvantaged backgrounds. This helps us identify opportunities and create a more coordinated and impactful approach through knowledge sharing and learning.
| This year we partnered with The Social Mobility Foundation (SMF) to welcome 12 young people to the Birmingham, Leeds, Manchester and London offices for a three-day work shadowing placement. The students were all part of the SMF Aspiring Professional Programme which supports Year 12, lower sixth or S5 students from disadvantaged backgrounds, through their years of further education and then into employment. The placement aimed to help the young people learn more about the professional services sector – specifically working in a law firm and the broad range of opportunities this can offer. |
We are delighted that our focus has been recognised externally with the firm ranking 25th in the Social Mobility Employer Index 2024 – an annual cross sector benchmarking assessment coordinated by The Social Mobility Foundation.
The impact was recognised by our people too. DEI scored highly in the firm engagement survey with 83% of our people feeling they can ‘be themselves’ and 82% feeling the firm values diversity. 84% of colleagues feel part a team that is supportive, open and inclusive with hybrid working allowing autonomy which is highly valued.
Supply chain engagement
Sustainability is a commitment that extends beyond our operations to our supply chain. Our supply chain makes up 75% of our emissions and is where the highest risk for modern slavery sits. As a result, we have hired a dedicated sustainable procurement advisor to engage our supply chain collaboratively and help drive reductions in emissions and increased capabilities across our value chain. We are also chairing the new LSA Sustainable Procurement working group, collaborating across the legal industry to improve sustainability in procurement.
