The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Shoosmiths’ chief executive Paul Stothard dazzled the market last year after announcing a record set of financial results for 2003-04. Profitability skyrocketed by a whopping 67 per cent, from an average of £136,000 in 2002-03 to £226,500, while turnover rose 25 per cent, from £44.3m to £55m. And all the while, the equity pool remained stable at 35 partners.
A slate of financial reforms, spearheaded by Stothard, were key to the turnaround, as was the firm’s status as a counter-cyclical practice (Shoosmiths has very little corporate capability). It is the sort of turnaround that had other practices salivating, the only problem that Shoosmiths’ partners might now start to expect a repeat performance.