Shoosmiths has unveiled mixed financial results for 2006-07, with the national firm posting double-digit revenue growth and a 3% profits increase.
Average profits per equity partner (PEP) at the 105-partner firm edged above the £400,000 mark to hit £407,000, up from £396,000 during the equivalent period last year.
Fee income was up 27% to £95m, while net profit also increased by 17% to £16.3m for the 12-month period.
The results contrast sharply with Shoosmiths’ financial performance during the last three years, which saw the firm’s PEP soar by 63% between 2004 and 2006.
However, a period of sustained expansion and a major recruitment drive across seven UK offices have taken their toll on the firm’s profitability this year.
Commenting on the results, Shoosmiths chief executive Paul Stothard said: “Growth across the firm has been consistent in all service areas but especially strong in corporate and commercial and dispute resolution."
Have your say on Shoosmiths' numbers - and any other firm you fancy - with the Legal Week Wiki 2007 results special.
