Shoosmiths surpasses £200-Million revenue mark, increases profits by 5% and PEP by 16%

Revenue surged by 6%, reaching £206.7 million, up from £194.1 million the previous year. This achievement marks the first time Shoosmiths has crossed the £200-million revenue threshold.

The firm's profits also saw a notable increase, climbing to £66 million, a 5% rise from last year’s £62.7 million. Additionally, Profit per Equity Partner (PEP) experienced a substantial 16% boost, reaching £781,000, compared to £676,000 the previous year.

David Jackson, CEO of Shoosmiths, commented on the firm's success: “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.”

Departmental Growth and Key Achievements

The Corporate and Litigation departments experienced robust double-digit growth, with increases of 15% and 12%, respectively. Despite challenging market conditions, including persistent inflation and a 15-year high in interest rates, the Real Estate sector remained stable compared to the 2022/23 results.

Shoosmiths was recognised by Experian as the most active M&A law firm in London and the UK for 2023, advising on over £7 billion worth of deals. Significant transactions included advising Hipgnosis on its $1.6-billion takeover bid and acting for Five Arrows on the merger of Texthelp with n2y. The Litigation division was involved in high-profile cases such as defending Liberty Mutual Insurance in disputes over foreign aircraft stranded in Russia. In Real Estate, notable projects included advising Moorfield on a £120 million build-to-rent scheme and assisting Berkley Care Group with the sale-and-leaseback of its £207-million care home portfolio.

Investment in People and Technology

Shoosmiths has made significant investments in talent and technology to support its 2030 strategic goals. The firm welcomed 13 lateral partners and a new team of senior leaders, focusing on strategic hires to drive future growth. Innovations such as Shoosmiths EIGHT, the firm’s connected services arm, received targeted investments. The launch of SmartSAR, a data privacy solution, highlighted the firm’s commitment to leveraging technology to enhance client service.

Technological integration has been a key focus, with firm-wide adoption of the cloud-based iManage document and email management system and participation in Microsoft Copilot’s AI-based productivity app pilot programme.

Commitment to Employee Well-being and ESG Initiatives

Shoosmiths introduced private health and dental care for all 1,300 employees and offered a broader range of benefits to suit individual needs. The firm also launched several ESG programs to foster a positive working environment and provide greater access to opportunities. A comprehensive DEI strategy and a Social Mobility Impact Report were introduced, emphasising partnership, access, and recruitment.

David Jackson emphasised the importance of firm culture: “A positive firm culture doesn’t happen by accident, and it’s the bedrock of a firm’s productivity and success. We’re proud to invest in the innovation, programs, and benefits that strengthen the trust and value in our most cherished relationships – with our people and our clients.”

These results and initiatives underscore Shoosmiths' commitment to becoming a leading upper mid-market law firm, serving clients nationally and internationally, by 2030.