Milestone for the UK law firm Shoosmiths as it surpassed £200m in revenue for the first time, as the firm works towards the upper mid-market level.
The firm has announced that it saw a 6 per cent jump in revenue to £206.7m over 23/24, up from £194.1m recorded in the previous year.
The firm’s profits were also up by 5 per cent to £66m, up from £62.7m. While its profit per equity partner (PEP) also rose by 16 per cent as its 206 equity partners pocketed £781,000.
It was its corporate and litigation departments that experienced the growth for the firm as each practice grew by 15 per cent and 12 per cent respectively. While its real estate practice “remained broadly flat against the 2022/23 results”.
Commenting on the results, chief executive David Jackson said its “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,” he added.
The firm’s ambition is to “become a leading upper mid-market law firm” serving clients nationally and internationally in its chosen markets by 2030.
In order to do this, the firm is investing in people, planning strategic hires and investing in “innovation, programmes, and benefits” in order to drive the 2030 strategy.
“A positive firm culture doesn’t happen by accident, and it’s the bedrock of a firm’s productivity and success,” Jackson added.