Impact report FY21

CEO statement

As CEO of Shoosmiths, I’m pleased to introduce our inaugural annual impact report.

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.

For clients, we have developed new products and established new ways to enable them to access information, ideas and conversations. We’ve displayed how uniquely innovative and commercially astute we are with the launch of our non-legal arm Shoosmiths⁸ Connected Services; offering products that make a real difference to our clients’ working lives, enabling their businesses to thrive in the ‘new normal’. We’ve showed real progress towards our Environmental, Social and Governance (ESG) goals and given it is at the top of our Board agenda, we have facilitated conversations with clients to help them achieve their ESG aspirations, too.

We cemented our commitment to Social Mobility, through our Social Mobility Action Plan and continued to support the communities in which we work, through fundraising for our charity partners and our extensive pro bono programme. We are passionate about driving forward some of our ESG developments over the next 12 months including, our Shadow Board, Reciprocal Mentoring Programme and The Shoosmiths Foundation.

We were one of the first law firms to go out with new Working Principles, aimed at enhancing our approach to client experience. With an ethos of output not occupancy, our working principles, which have informed our new hybrid working approach, allow many of our people to combine onsite and offsite work to promote a more flexible and purposeful working experience.

All this works towards our vision: to be the leading national law firm, famous for our client experience.

I am excited for what the future holds, and for the next chapter in Shoosmiths’ evolving journey.

Simon Boss
CEO
Shoosmiths LLP

Chair statement

Our values and culture have never been more important than over the last 12 months. They are instrumental in the way we do business, the way we work with our clients and they allow us to progress in a changing world.

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.

For the last decade and beyond, Shoosmiths has led the way with incremental reporting on ESG factors and we bring elements of this together in this Impact Report. I believe this report impactfully shows the progress we have made and are making and gives us a benchmark on how to drive forward.

Our carbon neutral and carbon net zero ambitions sees us target our operations to achieve net zero emissions by 2025 and we have made a commitment to the Science Based Targets initiative (SBTi) to set science-based emissions reduction targets across the entire value chain, that are consistent with keeping global warming to 1.5°C above pre-industrial levels.

We are an ambitious, agile and fast-growing firm and our strategy moving forward is about developing our market leading expertise and promoting and attracting leaders to our business. Our national geographical footprint across the UK allows us to service our clients wherever they are, and we aim to increase our international focus, which has seen success over a number of years through direct client support alongside our membership of the World Services Group (WSG) and working with other law firms/referrers.

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.

Peter Duff
Chair
Shoosmiths LLP

At Shoosmiths, providing a superb client experience is our focus. We put our clients at the heart of everything we do - every service innovation we have delivered has come about through listening to our clients, to find a better way of working that saves them time and money.

Client experience

This year we commissioned Acritas to undertake an extensive client survey to assess our client experience, to supplement our own client listening programme and to provide more insights about what Shoosmiths’ client experience means for them. The findings:

A satisfaction rating of 9.2 in comparison to average rating of 8.7 out of 10 across Acritas' surveys
Top three words professionals used to describe the firm as being professional, efficient and friendly
It was found relationships were underpinned by an ‘extra mile’ attitude, deep understanding of their businesses, our responsiveness and the strength of our individuals

Across our four divisions and five sectors, we’re developing and strengthening our relationships with clients and attracting new ones across the UK and internationally.

Clients include:

Our new clients include:

Online client satisfaction survey

Shoosmiths also scores highly on online client satisfaction survey, Trustpilot, which the firm shares with its personal advisory clients. 91% of clients said the firm provided ‘Excellent’ service, with an overall score of 4.8/5.

Client case studies

Liberatis

Helping businesses to fund their growth ambition by providing better solutions for customers.

Strategic land

Shoosmiths’ strategic land team advised Hallam Land Management Limited on a complex mixed use development.

Residential development acquisition

Shoosmiths’ housebuilder team worked with Baker Estates Limited, on the purchase of a development in Dartmouth.

Conveyancing

How COVID-19 has highlighted that it isn’t ‘what’ we do, but ‘how’ we do it.

Weetabix

After implementing matters+ we speak to the General Counsel of Weetabix, Helen Wilson, about Weetabix’s legal tech journey.

Watch the video

Personal advisory

In 2020/2021 part of our personal advisory division, Shoosmiths Serious Injury, continued to make a difference for our clients, acting on a number of high profile serious injury cases.

The firm’s Private Wealth reputation continued to grow with recommendations from clients resulting in Band 1 rankings in the Chambers and Partners High Net Worth Guide.

Leading lawyers at the firm were also Recommended in Spears 500.

Innovation

On 8 March 2021, Shoosmiths⁸ Connected Services, was born. Providing non-legal products, Shoosmiths⁸ Connected Services, complement the firm’s existing offering. It hosts a suite of innovative products for smarter, faster and better working.

Supporting clients throughout the pandemic

During 2020/21 the firm supported clients through the pandemic by encouraging them to share ideas, by keeping them up to date with developments in the law and by informing them about the public health crisis through webinars and our ‘Shared & Halved’ and ‘New How’ events. Shoosmiths virtual roundtables were established in 2020/2021 and are hosted by the CEO and Chair.

These roundtables give clients the opportunity to share ideas on a range of Board issues, such as ESG delivery and performance. As a result of these initiatives, Shoosmiths won ‘Best Shared Learning’ with clients at the Managing Partners’ Forum Awards.

Total client webinars delivered across all divisions and sectors in 2020/2021:

“

I have attended and enjoyed both bite size sessions and have derived great value from them as they made me reflect and think. The 30 minute slot enabled the webinar to be punchy, direct and devoted 100% of the time to the subject. The style was refreshing and very welcome. After last week’s session, I rearranged my diary so that I could call in for the session this week! Thank you all very much for the effort you went to, I found them both very worthwhile.

National charity

“

Your response to the crisis and your ability to present good, on point webinars was a real inspiration and I must applaud you all for your efforts. I thoroughly enjoyed all your webinars and was pleased to have been invited to take part and share in your skills and expertise. Your company ethics also shone through. Well done.

Legal consultant, distribution sector

Recognition

Legal 500 – in 2020, 115 practice areas ranked, 31 ‘Top Tier’ rankings, 17 new rankings, 55 partners ‘leading individuals’ and 21 partners ranked ‘next generation’.

2019 - Shoosmiths has been recommended as a top tier firm across an impressive 25 practice areas with 29 practice areas moving up a tier. A further 82 practice areas were recommended firmwide - ranging from real estate to corporate and commercial and private client.

2018 - Shoosmiths has been recommended as a top tier firm across an impressive 29 practice areas - ranging from real estate to corporate and commercial and private client - while it has also been recommended in a further 75 rankings across the directory.

Chambers – in 2020, 65 practice areas ranked, 18 ‘band one’ rankings, seven specialist rankings including Private Equity and Venture Capital Investments. National leaders in 10 practice areas including Real estate, health and safety and employment.

2019 - Chambers UK recommends Shoosmiths across 56 practice areas, 14 as top ranked band one practice areas including real estate, private client, employment and information technology. 5 practice areas gained first time rankings including a UK-Wide recognition for Private Equity Venture Capital Investments and Real Estate in Yorkshire. In addition Shoosmiths continues to be recognised as a National Leader in 10 practice areas across the UK.

In 2018 – Chambers and Partners - the firm was ranked in a total of 65 areas, 13 practice areas ranked in band one including real estate, private client and employment. In addition, nine practice areas were named as 'national leaders’.

By the end of financial year 20/21, Shoosmiths was ranked 5th in the overall UK Experian rankings for deal volume (previous rank 8th), 1st in the South East (previous rank 9th), 6th in the Midlands (up from 7th).

Shoosmiths has also been recognised for its work in advising high net worth (HNW) clients in this year’s Chambers & Partners High Net Worth Guide, with two band one rankings and one band three ranking for wealth protection.

Environmental, Social and Governance (ESG) considerations lie at the heart of our business strategy, with our ESG vision to be the leading national law firm famous for its positive contribution to society.

Carbon net zero ambitions

Shoosmiths is committed to a net zero emissions future with a target for its operations to achieve net zero emissions by 2025 and a commitment made to the Science Based Targets initiative (SBTi) to set science-based emissions reduction targets across the entire value chain that are consistent with keeping global warming to 1.5°C above pre-industrial levels.

As part of our commitment to improve the scope of our reporting, our 2020/2021 carbon footprint included for the first time scope 2 market based emissions, and scope 3 purchased goods and services and home working emissions.

As with most service-based companies, with relatively low operational emissions (situated in the UK and office-based services), purchased goods and services are by far the largest emission source.

In addition, this year the purchased goods and services calculation has been based almost entirely on spend data estimations, utilising the Greenhouse Gas (GHG) Protocol’s Scope 3 evaluator, and the estimation is considered to be conservative. With increased supplier engagement, our aim is to increase the use of primary/secondary data next year which is likely to decrease the purchased goods and services figure.

Shoosmiths published its new sustainable travel policy in early 2021, here.

The firm is also a signatory of the United Nations Global Compact – you can find the firm’s 2021 report, here.

Our ambition is to build a diverse and ambitious workforce that reflects all backgrounds and talents and create a workplace that is supportive and inclusive, which recognises and nurtures talent, and has a strong sense of community. This approach underpins everything we do, and how we work with our colleagues, clients, and communities.

Wellbeing

Shoosmiths was the first law firm to announce bold Working Principles during the first lockdown in 2020, permanently changing the way the firm works for the good of its clients and people.

Output not occupancy

Enhanced client experience

The Working Principles are committed to an ethos of output not occupancy, aimed at enhancing our approach to client experience. This hybrid working approach allows many of our people to combine onsite and offsite work to promote a more flexible and purposeful working experience.

Your ‘how’ - Individual autonomy and responsibility underpin how we work

The answer is ‘yes’ – The assumption is that flexible working requests and/or working from home will be approved

The firm stepped up and tailored its approach to mental health and wellbeing in 2020/2021. We continued to support an existing national network of mental health and wellbeing champions and delivered a COVID-19 mental health and wellbeing plan, shaped by employee feedback, including webinars and resources on topics such as:

Working from home

Working and parenting

Diversity of experience in lockdown

Engaging external subject matter experts

Mental health at work: new programmes

Continuing to promote the confidential employee assistance programme which is available to employees

A number of new initiatives have also been piloted including a diversity of talent programme for trainees and Frazzled Café mental health sessions for partners, while existing initiatives such as the firm’s High Performing Women leadership programme continued.

Gender & ethnicity pay gaps

UK businesses are required to submit gender pay gap data to the government. Shoosmiths also voluntarily provides partnership data, and ethnicity pay gap data in a full gender and ethnicity pay gap report.

N.B. The firm has used the term BAME (Black, Asian and Minority Ethnic) in line with government publications & current recommendations.

Proportion receiving a bonus:

Supporting our communities

Pro bono case study

Pro bono assistance supports launch of Solent Mind's new wellbeing app

One pro bono project very close to our heart has been advising on the development of Solent Mind's wellbeing app. Business Advisory partner, Fiona Teague led the pro bono advice along with Lauren Midgley and Heather Stark from the commercial practice group supporting mental health charity Solent Mind with the legal aspects of the development and launch of a new wellbeing app. Feedback from the charity demonstrates just how invaluable the team's pro bono support has been.

Read more on Shoosmiths' corporate responsibility blog, SHOUTback.

“

Thank you all again for the incredible work and effort you have put into this for us. It really will help a lot of people in what can only be described as some very difficult times ahead.

Emma Fernandes, Business Development Director, Solent Mind

The firm has a tight grip of governance and accountability, with Board, Executive Committee and Partnership Council meetings taking place monthly. The firm also has an Audit Committee ensuring procedures are followed.

Demonstrating leadership

In FY 2020/2021, the firm introduced a range of new Board backed initiatives including, a new six month reciprocal mentoring programme, where members of the firm’s senior leadership being matched with individuals from employee-led inclusion networks (Balance, Proud, and Embrace).

Our Corporate Responsibility Annual Reports and Anti Slavery and Human Trafficking Statements are also published annually, demonstrating the progress the firm has made against the previous years’ priorities. Find them here.

We also supply mandatory and voluntary training courses for colleagues in line with SRA standards and our values. Mandatory training courses include anti-bribery, unconscious bias awareness, data protection, anti-corruption and information security.

In terms of tax transparency, Shoosmiths responsibly complies with tax laws during each financial year by paying and reporting on the firm’s and constituent partners’ taxes on time.

Shoosmiths’ pioneering approach to organisational continuity against a backdrop of the pandemic throughout 2020/2021 was recognised by The Managing Partners’ Forum at their annual awards event. The firm won in the category of ‘Best Organisational Continuity’, in addition our other award win for ‘Best Shared Learning with Clients’.

The financial statistics around turnover, profit and PEP in the last three years show healthy, organic growth, despite challenging economic factors such as Brexit and the global pandemic. During this time, the firm used the Government’s Coronavirus Job Retention Scheme and at the end of FY20/21 paid back all the firm borrowed.

The Shoosmiths financial year runs from 01 May 2020 to 30 April 2021.

Firm facts

Shoosmiths LLP is a leading UK law firm with 13 locations across England, Scotland and Northern Ireland. Clients include blue chip companies, leading financial institutions, public and private sector organisations and foreign owned corporates. The firm also offers legal services for individuals and their families.

Our ESG aspiration is to be the leading law firm in the UK famous for its positive contribution to society and as a signatory to the United Nations Global Compact, this enables us to work alongside likeminded organisations for a greater collective good.

Our international relationships have been built up over many years through membership of the World Services Group (WSG) and International Bar Association (IBA).