Shoosmiths' partner profits halved

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  • “Our profit was hit hard because we chose to put people before profit.”

    Making 25 fee earners redundant being a fine example of this!

    And of course not offering trainees any money to defer was another master stroke of putting people first I suppose!

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  • Andrew Tubb's comments are pure comedy genius and another example of how out of touch with reality Shoosmiths really are.
    On the issue of trainees, Dickinson Dees awarded their trainees £7.5k to defer for a year, whilst posting the same PEP figures and an almost identical YoY decline. Shoosmiths offered theirs £0 and told them to 'find another job in the interim' - have they actually thought how difficult this is in the current climate?
    And then there's the small matter of opening a Manchester office and recruiting for this whilst laying staff off.
    Shoosmiths = Profit before people.

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  • Truly awful firm, sounds like they are getting their just rewards.

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  • Profits halved and T/O down 4% is serious and potentially catastrophic. The short term solution is to retire partners and establish a more corporate structure. The present leverage ratio is insupportable and has an overall impact on pricing with too much emphasis on the top end. It is highly likley many partners fail to personally generate sufficient fees to cover thier fixed and variable costs (including personal drawings). This kind of business model, in an environment where clients have effectively gained control of the pricing model, is high risk and unsustainable. Partners hahve to generate more or go.

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  • I would imagine that most partners have probably built up fixed costs in excess of GBP150K [mortgage costs, housing costs, public school fees, alimony etc].

    Those without savings are probably suffering considerable financial stress even at these lofty payouts. At some point it may be preferable to downsize everything, - house, expenses, debt, job and hence stress.

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  • Slap it into them.

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  • I would have been very happy had my previous firm waited until May to invoke a redundancy programme. Most national firms got rid of staff long ago to preserve profit - doesn't appear as though that happened here. My mate is an assistant at shoosmiths and has nothing but good things to say about it. I suspect the posters here are ill equipped to offer any kind of insightful comment...

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  • As a current trainee at Shoosmiths, I have to agree with the above poster.

    To the deferred trainees STILL going on about deferrals and no compensation ....

    GET OVER IT!!!

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  • To the Shoosmiths Trainee - do you not think, if the firm was so easily willing to screw over the trainees coming after you, it has no reason not to treat you and your intake in exactly the same way?

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  • Anon @ 3:13pm

    Surely even you can see the irony in a firm purporting to "put people first" having recently become the only national firm to shaft its future trainees so outrageously?

    You're at a firm which has become a laughing stock amongst the profession...

    GET OVER IT!!! (and stop trying to defend the indefensible).

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