London, 10 July, 2024 – Shoosmiths today announces its milestone results for the 2023/24 financial year. The firm saw a 6% jump in revenue, up to £206.7 million from £194.1 million last year. The revenue growth was a record for Shoosmiths, marking the first time it has crossed the £200-million mark.
The firm’s profits also climbed to £66 million, a 5% increase from last year’s £62.7 million. Profit per equity partner (PEP) rose by 16% to £781,000 from £676,000 last year.
The results underscore the firm’s ambition to excel in its chosen markets and become a leading upper mid-market law firm, serving clients nationally and internationally, by 2030.
David Jackson, CEO of Shoosmiths, said, “Our financial results are the direct outcome of focusing on and executing our strategy. We’re continually enhancing our client relationships, expanding our portfolio to include more complex, high-value work, and nurturing our culture. I’m proud of everything we’ve achieved whilst making significant investments in our people, technology, and infrastructure, all of which provide a strong platform for Shoosmiths’ success today and in the future.”
Departments & Sectors
The firm’s Corporate and Litigation departments both experienced double-digit growth, at 15% and 12% respectively. Real Estate remained broadly flat against the 2022/23 results, attributed to the sector’s challenging market conditions of persistent inflation and a 15-year high in interest rates.
Shoosmiths was named by Experian as the most active M&A law firm in London and the UK in 2023, advising on over £7-billion worth of deals in 2023. The firm’s public markets team continues to be at the forefront of major transactions, including advising Hipgnosis on its $1.6-billion takeover bid and acting for Five Arrows on the merger of Texthelp with n2y to form a leader in specialty education software.
The Litigation division is involved in several high-profile cases, including defending Liberty Mutual Insurance on disputes over foreign aircraft stuck in Russia.
Real Estate remains active across the sector, including advising Moorfield on a forward-funding agreement for a 440-home build-to-rent scheme, valued at £120 million, and assisting Berkley Care Group on sale-and-leaseback of its £207-million care home portfolio.
To meet the evolving business needs of clients, Shoosmiths is increasingly organising itself around priority sectors of technology, mobility, living, financial services, and energy and infrastructure.
People & Innovation
Client service is at Shoosmiths’ core, and promoting talent and investing in strategic hires to drive the 2030 strategy is a focus for the firm. Shoosmiths welcomed 13 lateral partners and a new team of senior leaders to help realise its goals.
Shoosmiths invested in innovations that deliver greater value and results for its clients and that enable the firm to leverage insights and efficiencies more effectively. The firm has also focused on investing in its infrastructure for its long-term success.
Shoosmiths EIGHT, the firm’s connected services arm, which offers broader client solutions that complement traditional legal advice, received more targeted investment. The new dedicated EIGHT team launched SmartSAR, a solution that combines the firm’s data privacy expertise with cutting-edge processing technology and cloud hosting to help clients with the processing burden and cost uncertainty of data subject access requests.
As a firm that embraces new ways of working, Shoosmiths also focused on technological integration, with firm-wide adoption of the cloud-based iManage document and email management system and was one of the first law firms worldwide to be invited onto a pilot programme of Microsoft Copilot, an AI-based productivity app, involving 300 employees.
Recognition and benefits are also core aspects of Shoosmiths’ commitments to its people. The firm introduced private health and dental care for all 1,300 of its employees and a broader range of options to better suit each employee’s individual circumstances.
The firm also introduced a number of ESG programmes to underline its commitments to foster a positive working experience for all its people and to offer greater access to opportunities. It launched a comprehensive DEI strategy to support its inclusive culture and a Social Mobility Impact Report, centred on the principles of partnership, access, and recruitment.
“A positive firm culture doesn’t happen by accident, and it’s the bedrock of a firm’s productivity and success,” said David. “We’re proud to invest in the innovation, programmes, and benefits that strengthen the trust and value in our most cherished relationships – with our people and our clients.”
For more information on Shoosmiths’ successes, growth, and transformation over the past financial year, see our Impact report FY24.
*Results represent a pro forma 12-month period following an 11-month financial year due to the firm moving to a 31 March year end in response to HMRC’s recent tax changes impacting partnerships
Disclaimer
This information is for general information purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. Please contact us for specific advice on your circumstances. © Shoosmiths LLP 2024.