Shoosmiths’ partner profits halved

Shoosmiths has recorded a 54 per cent drop in average profit per equity partner (PEP) for the 2008-09 financial year.

Andrew Tubbs

Andrew Tubbs

Shoosmiths has recorded a 54 per cent drop in average profit per equity partner (PEP) for the 2008-09 financial year.

The firm’s PEP last year was £150,000, down from £327,000.

Total revenue was also down, dropping by 4 per cent, from £103.4m to £99m.

In a statement chairman Andrew Tubbs highlighted the opening of a new office in Manchester in January as well as the firm’s recent redundancy programme as contributing factors to the results.

“Our profit was hit hard because we chose to put people before profit,” said Tubbs. “We delayed our restructuring programme for as long as possible last year, which means that the impact of these savings will start to take effect half way through this financial year.”

In total the firm made 25 fee earners as well as 44 support staff redundant during its restructuring programme earlier this year.