Shoosmiths increases PEP for fifth year running

Shoosmiths posted profit per equity partner (PEP) just short of £400,000 last financial year, marking the firm’s fifth consecutive year of profit increase.

The 2005-06 financial year saw PEP hit £396,000, up 16 per cent on £342,000 for the 2004-05 financial year.

It is the fifth year that the Northampton-based firm has increased profits, after posting a 51 per cent rise in 2004-05 and a 72 per cent rise in 2003-04.

In September, the firm’s head of finance and IT Rosemary Kind left to pursue a career in writing after ushering the 90-partner firm through an incredible four years’ growth.

During her time at the firm, Shoosmiths’ PEP rose an astonishing 94.3 per cent, from £176,000 when she joined in 2000-01 to £342,000 in 2004-05. Turnover increased 39.8 per cent over the same period, from £43.5m in 2000-01 to £60.8m in 2004-05.

This year turnover was up 23 per cent on last, from £60.8m in 2004-05 to £74.7m for 2005-06.

The last 12 months have also seen the firm make 11 lateral partner hires, including David Jackson, who joined Shoosmiths’ Birmingham office in April from global catering group Compass.

Shoosmiths also appointed Northampton-based personal injury head Judith Dorkins to head the firm’s corporate social responsibility (CSR) programme in May, giving the firm a coordinated approach to pro bono work for the first time.