NI: Shoosmiths’ profits up 31 per cent to £55.4m
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Simon Boss
UK law firm Shoosmiths, with an office in Belfast, saw its average profit per equity partner (PEP) rose sharply by 41 per cent to £658,000, according to its latest financial results.
The firm also announced turnover of £167.9 million for the year to April 2021, an increase of nine per cent on last year’s figure of £154.1m.
Net profit increased by 31 per cent, from £42.2m to £55.4m. The firm’s highest paid partner took home £789,000.
Speaking to The Lawyer, CEO Simon Boss said that profitability at the firm had in part been driven by a reduction in cost, with travel costs as well as those associated with entertaining down throughout the pandemic.
He also said corporate was one of the key revenue drivers. The firm’s corporate practice represents 34 per cent of total revenue, at £20.2m.
“We’re doing this both in terms of numbers and growing in relation to London. The market itself has been busy and continues to be – there is lots of activity around tech and data. Unlike the recession ten years ago the market hasn’t dried up – there is plenty of money in the system and borrowing is still relatively cheap, ” said Mr Boss.
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