Law firm announces record financial results and supports staff with rewards package
Law firm Shoosmiths has announced record financial results for its 2022 financial year.
The group, which has a key office in Spinningfields, Manchester, posted an eight per cent increase in revenues of £181.8m, while net profit jumped by nine per cent to £60.7m. Profit per equity partner (PEP) rose by three per cent to £675,000.
Shoosmiths has invested in a range of rewards to recognise the significant contribution of its people in delivering these results, while also acknowledging the challenges they face because of the current economic climate.
Specifically, the firm brought forward its annual pay review by two months, made a discretionary ‘thank you’ payment equal to three per cent of salary to all its staff in May, as well as providing for an additional payment of £1,000 for all employees in September, to help with the cost-of-living impact.
The firm’s annual Impact Report, which was released today (July 25), also shows the progress the firm has made in relation to its clients, people, ESG (environmental, social and governance), financial performance and innovation.
CEO, David Jackson, said: “This is a very exciting time for us all at Shoosmiths. The firm is thriving, and I am so proud of the amazing people at our firm who have played a significant part in achieving the record financial performance we’re announcing today.
“Of course, we don’t just measure our success by financial metrics. In fact, more importantly, we measure it on making a positive impact for our clients, each other, and the communities in which we operate.
“We’ve continued to be bold when it comes to supporting our clients’ needs. It’s why we opened our first international office in Brussels, and it’s also why we continue to trailblaze with innovation, developing exciting new products to help our clients work smarter, faster and better.
“Having just implemented a bold new strategy that will unify us in the pursuit of excellence for the benefit of our clients and each other, we’re confident that Shoosmiths will continue to prosper and set impressive standards in the delivery of law.”