Leading UK law firm Shoosmiths has launched its inaugural annual Impact Report and has revealed its year end results for FY 2020/21.
The Impact Report, which can be viewed here, shows the progress the firm has made in developing client relationships, reaching Environmental, Social and Governance (ESG) goals outlining actions taken and reveals the firm’s year on year financial performance.
Despite a challenging year for all professional services firms, Shoosmiths’ financial performance for FY 2020/21 is strong, with revenue up 9 percent year-on-year to £167.9 million, net profit up 31 per cent to £55.4 million and PEP up 41% to £658,000.
Commenting on these results, CEO of Shoosmiths, Simon Boss, said: “In an extraordinary year these results represent the dedication our people have shown to our clients and their ability to adapt to a ‘new normal’.
“We are all extremely proud of how far Shoosmiths has come in the last year.
“As our Impact Report shows, the pandemic in this last year has been a test of resilience and character. We can confidently say our values, which have been in place for 20 years, never fail us and have guided us throughout this time, further underpinning what is important to us as a firm; being a responsible business that makes a positive contribution to society.
“In a move that has been welcomed across the firm, last July we launched our working principles, giving our people more autonomy over when and how they work in a way that will enhance our client experience.
“We’ve also 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’.
“Throughout FY20-21 we also made significant progress towards our ESG goals. As a firm having an Impact report allows us to have key pieces of information in one place, take stock, analyse our impact and use our knowledge as building blocks for the days, months and years to come.
“And in terms of our financial results - there is a direct link from our values, to our actions, to these results. Our success is built on our overall approach to be a responsible business and in going the extra mile for our clients. All this works towards our vision: to be the leading national law firm, famous for our client experience. We are all looking forward to Shoosmiths’ next chapter.”
Shoosmiths has recently been accredited with a Platinum award by Investors in People (IIP) – putting Shoosmiths in the top 2% of the tens of thousands of companies assessed by IIP.
The firm has also recently awarded all staff an additional ‘thank you’ payment in addition to their usual salary in the way of 7.7% (4 weeks’ pay) of their annual wage at the end of May.