Profits up at Shoosmiths
Profits are up 25 per cent at law firm Shoosmiths. The firm, which has an office in Birmingham, said profits had shot up to £13.7m in its year-end results.
Shoosmiths posted an overall income of £87m, which is £3m less than 2009-10. However, revenue was boosted by 5 per cent in the firm's corporate, commercial, real estate and lender services teams.
The corporate team posted a revenue increase of 9 per cent in a year when it completed private equity deals with a deal value of £271.1m
The firm said the reduction in overall income was anticipated following its change in focus within its consumer services brand, Access Legal from Shoosmiths, which was launched 18 months ago.
During this time, income levels in the consumer business fell but profitability was maintained, said Shoosmiths.
Partner and head of Shoosmiths’ Birmingham office, Jason Jackson, said: "Celebrating a record year of promotions at our Birmingham office recently was fantastic; being able to follow that up with news of a second year of profit growth with a 25 per cent rise is just the icing on the cake.
"Although the legal market continues to remain choppy for many law firms, we really couldn’t be in better shape and this is reflected in our financial results. We’ve got a fantastic pool of legal talent here, and look forward to more positive times ahead."
Shoosmiths has 1,220 staff in eight offices.
