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.