Shoosmiths posts massive profit hike despite falling turnover

  • Print
  • Comments (23)

Readers' comments (23)

  • Surprise surprise ... another firm reporting rise in PEP and profits despite a fall in turnover ... "Chief executive Claire Rowe said a series of cost-cutting measures were behind the boost in profits" ... what Clarie Rowe meant to say was kicking out staff in an unfair manner, and make like hell for lawyers and staff who did keep their jobs has meant that partners have been able to enjoy more take home pay!
    The economic crisis has seen hundreds of lawyers forced out of work, and partners seem to forgets that these lawyers are skilled workers. Lawyers unable to find jobs have had to leave the profession, and so when the market bounces back and deal flow increases where exactly do firms and partners hope to find these skilled workers to come in to work on these transactions.

    Unsuitable or offensive? Report this comment

  • Looks like Shoosmiths permanently destroyed what reputation they had for a quick buck.

    Unsuitable or offensive? Report this comment

  • Watch out Slaughter & May.

    Unsuitable or offensive? Report this comment

  • What ever next!?

    Unsuitable or offensive? Report this comment

  • Those remaining associates at Shoosmiths may be working at a deeply unimpressive, third-rate firm but at least they can console themselves with the knowledge that the partners really care about their staff and are genuinely decent and honorable people.

    Unsuitable or offensive? Report this comment

  • So the PEP goes UP 69% (albeit from a paltry level) and the pay for those few employees who are "lucky" enough to have kept their jobs goes DOWN by 3.5%.
    I'm not sure the term "equity" partner is really appropriate any more, as the word has connotations of fairness, which seem grievously misplaced.
    Perhaps "SITT" partner would be better - Snout In The Trough.

    Unsuitable or offensive? Report this comment

  • The treatment of staff by Shoosmiths has been truly despicable. This PEP increase has been achieved purely on the back of very large numbers of redundancies (both announced and stealth), appaling treatment of trainees and a pay cut for remaining staff.

    Unsuitable or offensive? Report this comment

  • Nicely done.

    Unsuitable or offensive? Report this comment

  • "Turnover has continued to fall."
    I've always thought that well-run firms should be able to weather the credit crunch storm and I imagine that all the redundancies and reduced pay/hours at Shoosmiths are just a temporary fix for a much wider problem. The Equity Partners should enjoy their 69.5% "windfall" while it lasts and the minions should brace themselves for more bad news in the future.

    Unsuitable or offensive? Report this comment

  • No doubt all the staff they made redundant, and the trainees whose contracts they deferred without offering compensation, will be truly delighted at this news!

    Unsuitable or offensive? Report this comment

  • It seems cutting to the bone is highly selective which may not be the best message to send clients. It will be intersting to see if a similar outcome in terms of cost reduction can be repeated next year.

    Unsuitable or offensive? Report this comment

  • This just stinks! I love the smiling partner photo though! This is so blatantly selfish and greedy that you have to admire the audacity. If there was any justice.........

    Unsuitable or offensive? Report this comment

  • Firms can't keep on reducing costs just to increase PEP. Do they have a strategy for growth?! If Shoosmiths don't tackle staff morale quickly they'll be losing a few more people and not just the ones who are surplus but the ones who have kept the firm going thus far. What must the 90% of employess who took a cut be thinking when not only the PEP rises massively but also about the10% who didn't take a cut. Maybe the equity partners would like to give the 90% some of their money back!

    Unsuitable or offensive? Report this comment

  • well its nice to see that the Equity Partners are doing really well, one day they may think about the rest of the staff. Is Shoosmiths getting back to glory days or is this just a flash in the pan?

    Unsuitable or offensive? Report this comment

  • A bit short sighted for the greedy Shoosmiths partners. Getting rid of their best and most loyal staff in return for more cash in their pay packets at least for this year. I think I would sack the person who has written their business plan first. Perhaps they should ask who is really earning them the money and building up the long term reputation of the business? Different and better ? er right...

    Unsuitable or offensive? Report this comment

  • As an ex-employee of Shoosmiths this doesn't surprise me one bit. They are the tightest, most unappreciative and most unprofessional firm I've ever worked for.
    After they have cut back on trainees and junior staff, it is not surprising that turnover is down. Most of those partners are probably dying of shock at having to do their own work.

    Unsuitable or offensive? Report this comment

  • I believe assistants and associates will stay there just for the privilege of working for a "national" firm in one of its key strategic offices in the commercial hotspots of Northampton, Milton keynes, Reading Basingstoke and a business park near Portsmouth. Rumour has it they are thinking of re-opening their former offices in Daventry and Towcester to really shake up the big boys.

    Unsuitable or offensive? Report this comment

  • Seems to me that Shoosmiths realised they were carrying a lot of dead weight and made a commercially sound decision to shed them . I can name several other firms who would do well to follow the same path

    Unsuitable or offensive? Report this comment

  • Shoosmiths are one of a few firms I have worked at, and they do have this impression of themselves that they are "special" and "superior". Not sure why though, always struck me as being below average - in all senses!
    Full credit to the 10% who did not take the pay reduction, shame all others did not follow suit.

    Unsuitable or offensive? Report this comment

  • A tenth rate firm with tenth rate partners trousering their temporary windfall on the back of lay-offs whilst investing zero in the future. Long may they Halliwell.

    Unsuitable or offensive? Report this comment

View results 10 per page | 20 per page | 50 per page

Have your say

Mandatory Required Fields

Mandatory

Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (23)