Strong financial year
Partners at the national law firm Shoosmiths have seen their profits surge by almost a third in the 2024-25 financial year, surpassing the £1 million mark for the first time.
The bumper profits will see the firm award a 5% salary bonus to 1,300 eligible staff members next month, drawn from a £3.5 million bonus pool.
The firm confirmed that profit per equity partner (PEP) exceeded £1 million after a 30% increase on the previous year, while net profit rose by 16% to £76.6 million and revenue grew by 5% to £217.2 million.
“I’m so proud that the hard work and dedication of our people has translated into fantastic outcomes for our clients and an amazing financial performance for our firm,” CEO David Jackson said. “We’ve been super clear about where we think we can add most value to our clients, and as a result they’ve trusted us with more of their business-critical work in those areas.”
Shoosmiths’ lawyers and staff were recently told they could receive further cash windfalls — if they embrace AI.
As reported by Legal Cheek in April, the firm has launched an initiative encouraging staff to collectively prompt Microsoft Copilot AI one million times. Once that target is reached, Shoosmiths will unlock an additional £1 million for its collegiate bonus pot. All staff (excluding partners and business services directors, who are still encouraged to use the technology) will benefit from the bonus.
The Legal Cheek Firms Most List shows Shoosmiths takes on around 22 trainees each year on a starting salary of £32,000 in the regions and £43,000 in London.
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