Shoosmiths posts 70% jump in PEP over 9% fall in revenue

Shoosmiths has posted a 70 per cent jump in average profits per equity partner for the 2009-10 financial year, with equity partners taking home an average of £256,000, up from £150,000 last year. This year’s figures still do not reach the high point of the 2007-08 financial year, when average PEP was £372,000. Revenue fell by nine per cent this financial year, with the firm taking £90 million in 2009-10, compared with £99 million the previous year. Net profits rose to £11m from £5.6m. Chief executive Claire Rowe said: ‘This improved profit represents a solid performance and a positive step in achieving our strategic objective of improved profitability. While the last year has been a challenging one in terms of economic conditions and increasingly fierce competition, it has also been a very good one for developing existing clients and for winning new ones. The firm is now in good shape to move forward as a more profitable business.’

Shoosmiths posts 70% jump in PEP over 9% fall in revenue lawgazette.co.uk Thu, Jul 15, 2010