Legal Business Blogs

Financial results 2013/14: Shoosmiths posts 7% increase in revenue to £93m as Sackers drops 2% to £23.8m

LB 100 firms Shoosmiths and Sacker & Partners have unveiled their financial results for the 2013/14 year, with top 50 firm Shoosmiths recording a near 7% increase in revenue to £93m, while at City firm Sackers turnover is down by 2% to £23.8m.

Shoosmiths’ profit per equity partner (PEP) rose 21% to £290,000, putting it back on a par with figures recorded in 2011.

The results are an improvement on last year’s results, when the firm posted a 4% revenue uptick to £87m – albeit a 16% drop in revenue since 2008 – with PEP down by 20% to £239,000.

High profile mandates since last year included advising administrator Duff & Phelps on the administration of beleaguered shoe retailer Barratts. The firm also strengthened its medical negligence team last August with an eight-strong team from the now defunct Challinors, including the latter’s former head of clinical negligence, Richard Bannister.

City firm Sackers, meanwhile, has seen PEP come in at £741,000, marking a 5% drop, although the top of the equity received £1.1m.

The pensions boutique last year recorded flat revenues of £24.3m, moving it down four places in the LB 100 rankings to 98th position. Profit per lawyer last year saw a 6% rise to £272,000 while PEP suffered a 9% drop to £781,000.

The results follow that of RPC, which yesterday (21 July) revealed revenue growth of 3% to £84.1m – representing an upward trajectory for the City firm of 40% since 2011 – however partner profits slid by 6% to £26m. Profit per equity partner (PEP) came in at £338,000 for the period, a 9% drop on last year’s figure of £372,000.