Shoosmiths has announced its financial results for 2019/20, with revenue up 12 per cent year-on-year to £154.2 million and net profit up 11 per cent to £42.2 million and PEP up 5% to £465,000.
Commenting on the results, CEO of Shoosmiths, Simon Boss, said: “These results represent another year of continued growth for Shoosmiths as we implement our strategy to become the leading UK law firm famous for its client experience.
“As Shoosmiths enters its next chapter, we are mindful of the challenges firms now face, given the advent of the unexpected public health crisis. The technologies we have invested in enabled us to adapt by rapidly to this – for example, moving our workforce to work from home over just a few days in mid-March - and we remain committed to implementing our strategy carefully as we look to the future.
“A key focus for the firm continues to be on corporate, and in the last year we appointed eight partners in this area out of a total of 19 partners across our divisions. Sam Tyfield, Anika Chandra and Lee Sennett are based at our London offices, specialising in financial services regulation, tax and restructuring, respectively. Three of these appointments were in Birmingham with John Bew, Natalie Barnes – both banking and finance lawyers - and Daniel Shivlock, who specialises in M&A and private equity. Fiona Cameron was hired in Edinburgh for her banking and finance expertise, and Lemi McAuley in Leeds who is a restructuring lawyer.
“Shoosmiths is also committed to innovation. In the last year the firm has been developing a suite of legal tech products which we have launched under a long-term strategic project ‘The New How’ to support clients and their businesses in working smarter, faster and better, post-pandemic. Our products, Matters+, Live Working and Cia* and what they deliver, reflect conversations we have had with our clients and there are more products/new approaches coming.
“Looking ahead we will continue to implement our strategy in a flexible way with regard for the current economic situation and, focusing on how Shoosmiths provides the client experience, we will continue communicating with and listening to our clients, supporting them through these challenging times.”