National firm Shoosmiths has reported an 11% rise in its net profit, as profit per equity partner continues to increase. However, the practice said it was ‘mindful’ of the challenges it now faces due to coronavirus.
Net profit at Shoosmiths has increased by 11% to £42.2 million while PEP stands at £465,000, 5% more than last year. Revenue has grown 12% year-on-year to £154.2 million.
Chief executive Simon Boss said: ‘These results represent another year of continued growth for Shoosmiths as we implement our strategy to become the leading UK law firm famous for its client experience.
‘As Shoosmiths enters its next chapter, we are mindful of the challenges firms now face, given the advent of the unexpected public health crisis. The technologies we have invested in enabled us to adapt by rapidly to this – for example, moving our workforce to work from home over just a few days in mid-March - and we remain committed to implementing our strategy carefully as we look to the future.’
Shoosmiths is one of the first firms to announce its financial results, as reporting season gets off to a slower start than normal. Magic circle firm Clifford Chance said it will publish its results in the second half of July this year, as opposed to at the start of the month.