| Turnover | £74.7m |
| Profit per equity partner | £396,000 |
| Earnings per partner |
£213,000 |
| Equity spread | £244,000-£459,000 |
| Net profit |
£14m |
| Profit margin |
18 per cent |
| Revenue per lawyer | £199,000 |
| Revenue per partner | £911,000 |
| Revenue per equity partner | £2.13 |
| Total number of fee-earners |
790 |
| Total number of assistants |
294 |
| Total Number of partners |
82 |
| Total Number of equity partners |
35 |
| Total number of female partners |
25 |
| Total number of female equity partners |
10 |
| Total number of staff |
1,243 |
| Leverage ratio (equity partners/fee-earners) |
1:9.7 |
| Representative clients | Boots,
BPB,
DaimlerChrysler,
David Wilson Homes,
Open University,
South East England Development Agency
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*BUY |
A good year for Shoosmiths. The rapidly growing regional firm posted an average PEP of £396,000, up by 16 per cent on £342,000 the year before.
Although the rise was less dramatic than the 51 per cent rise it managed in 2004-05 and the 72 per cent rise in 2003-04, it marked the firm's fifth consecutive year of profit increase. Turnover was also up, boosted by 23 per cent on 2004-05 from £60.8m to £74.7m.
Shoosmiths has been working on a strategy of profitable and aggressive growth for four years under the guidance of chief executive Paul Stothard. The firm's figures suggest that Stothard's accountant's eye for financial detail is proving successful.
Shoosmiths is adept at managing its cashflow, keeping lockup down to around 80 days during the year and a still impressive 103 days at year-end. In the last financial year the final instalment of profit for the 35 equity partners on Shoosmiths' modified lockstep was distributed within three months of year-end. Most firms would be envious of that performance.
Shoosmiths' 35 full equity partners share a pot of £3.7m between them, working out at around £79,000 apiece.
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