Shoosmiths has seen revenue rise 4% for 2015/16 to £107m, down on the firm’s double digit growth last year of 10%. In 2014/15, the firm saw turnover recover to near pre-2008 levels, reaching £102.7m. The latest results see the firm beat its 2007/8 record for the first time, when the revenues reached £103.4m.
Shoosmiths profit per equity partner was considerably lower at £365,000, compared with last year’s figure of £416,000. The firm said this was because this financial year was its first as an all-equity partnership, having moved to the model in May last 2015. Rowe (pictured) added: ‘this is a reduction on last year, but is still our second highest PEP in the last nine years’.
The national firm said on a like for like basis, profits were up by 4% to £25.1m.
Shoosmiths chief executive Claire Rowe said: ‘These growth figures reflect the fact that we are building our business for the future by investing in new talent and the infrastructure required to operate as a successful, forward-thinking modern law firm.’
Rowe told Legal Business: ‘Undoubtedly the Brexit vote has caused a considerable amount of uncertainty. On the transactional side we have seen some deals paused. Equally we have had some come back on track and they have now completed. I think there will be a continued dampening effect on the market, but equally there are always two sides to a challenge. While transactional activity may pause there will be an increased demand in advisory work for what the change might mean for businesses. The key is to stay close to your clients and find out what their concerns and challenges are.’
The firm has recruited and promoted 14 partners in the last year, strengthening its offices in Birmingham, Manchester and London, having moved into its new office at Tower 42 in 2015. Rowe said the firm was leading an IT transformation programme as part of its digital strategy.
Other national firms to announce their financials have seen similar growth. Addleshaw Goddard posted a revenue bump of 5% up to £201.8m, while Pinsent Masons also grew turnover by 5% to £382.3m.
Posting results today (6 July) DAC Beachcroft saw subdued turnover growth of 2% to £202m, with profits up 9% to £35m.