Law firm Shoosmiths has revealed revenues rose and profits soared over the last financial year – “despite a challenging year for all professional services firms”.
The UK-wide law firm, which employs hundreds of people in Manchester, said revenues were up by 9% on the year before to £167.9m, with net profit up 31% to £55.4m and profit per equity partner (PEP) up by 41% to £658,000.
The firm also released its inaugural, annual Impact Report, showing progress it has made developing client relationships and reaching Environmental, Social and Governance (ESG) goals.
Head of Shoosmiths Manchester office, partner Wayne Nash, said: “In an extraordinary year these results represent the dedication our people have shown to our clients, and to the firm.
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“We have embraced change, being among the first firms to decide a permanent new way of working, launching our working principles in July last year.
“These new working ways give our people more autonomy over when and how they work in a way that will enhance our client experience.
“Change has also sparked innovation, and we also launched our non-legal arm Shoosmiths8 Connected Services; offering products that make a real difference to our clients’ working lives, enabling their businesses to thrive post-pandemic.
“We’re proud to say that throughout FY20-21, we also made significant progress towards our ESG goals at an office and firmwide level, and welcomed new talent into our offices. This is something we will look to continue into our next financial year and beyond.”
The firm has also recently awarded all staff an additional ‘thank you’ payment in addition to their usual salary in the way of 7.7% – four weeks’ pay – of their annual wage at the end of May.