National firm Shoosmiths and City outfit Travers Smith have today become the latest leading firms to post impressive financial results for 2014/15.
At Shoosmiths profit per equity partner (PEP) soared 43% on the previous year to £416,000 (£290,000) on income which climbed 10.4% to £102.7m. Total profit rose 38% to £16.8m.
Travers Smith achieved a 6% rise in PEP to £935,000 on income up 9% to £106m.
Claire Rowe, Shoosmiths chief executive said: ‘These stellar results have been achieved by delivering a strategy of sustained investment to create a robust national business. Over the last three years, we have appointed 46 new partners and have invested in our Birmingham and Manchester offices which now have 224 staff and 152 staff respectively.
‘We recently appointed our first non-executive director, Jeremy Horner, who was global CEO for Davis Langdon. We have also invested in various infrastructure and IT initiatives and these have been reflected in recent years’ accounts.’
Shoosmiths also announced that it has taken permanent space in Tower 42 (formerly the NatWest Tower) (pictured) in the City of London from today.
Travers Smith managing partner David Patient described his firm’s performance as ‘strong’ adding: ‘Our performance is particularly robust in the context of the significant investment we are making in our business and people.
‘These include a complete refurbishment of our office space and the promotion of nine new partners this year, including two lateral hires, demonstrating our commitment to growth.
‘These investments form part of our strategy, which is designed to strengthen our position as one of the UK’s independent elite firms.’