Law Firms

Shoosmiths sees FY21 profits soar 31%

The group also reported a 9% year-on-year rise to group revenues of £167.9m in what was a ‘challenging year for all professional services firms’

National law firm Shoosmiths saw net profits soar 31% year-on-year to £55.4m in FY21, with profit-per-partner climbing 41% to £658,000.

The group also reported a 9% year-on-year rise to group revenues of £167.9m in what was a “challenging year for all professional services firms”.

In turn, Shoosmiths has awarded all of its staff members a “thank you” payment worth 7.7% of their annual way at the end of May.

Simon Boss, CEO at the company, 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’.

“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.”

Alongside the financial results, Shoosmiths released its inaugural annual impact report, covering the progress it made in developing client relationships and reaching ESG goals. 

Boss added: “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.

“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.”

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