Shoosmiths staff will share a bonus pool of £3.5m this year after the firm recorded a sharp rise in profits.

All 1,300 eligible employees will receive a 5% salary bonus next month in recognition of their contribution to the firm.

Shoosmiths confirmed that for the 2024/25 financial year, profit per equity partner exceeded £1m for the first time, representing a 30% increase on the previous year.

Net profit increased by 16% to £76.6m and revenue rose by 5% to £217.2m.

David Jackson, chief executive of Shoosmiths, said: ‘The results speak to the power of staying focused on what matters, not chasing growth for growth’s sake, and backing ourselves to deliver outstanding results.

‘Our challenge now is to build on this momentum, to stay ambitious, stay curious and keep finding better ways to support the people and businesses we serve.’

The firm has stated its ambition to lead the upper mid-market sector by 2030. It cited corporate, real estate and litigation as key areas of work that had contributed to the improved results.

A total of 17 new partners have joined or been promoted during the year and the firm has announced new flexible working framework. This will involve reportedly replacing the Nottingham office and transitioning to a flexible workspace model. Central offices will remain in London, Manchester, Birmingham, Leeds and Edinburgh.

In what it described as a legal industry first, Shoosmiths also launched a £1m bonus pool tied to the collective generation of one million Microsoft Copilot prompts, aimed at embedding AI into daily practice and reinforcing the a culture of experimentation and shared learning.