Shoosmiths posts 70% PEP hike against further fall in revenues
Shoosmiths has posted a strong upturn in profits per equity partner (PEP) for 2009-10 after seeing PEP fall by more than 50% last year. Partner profits at the UK top 30 firm increased by 69.5% this year, rising from £151,000 to a new mark of £256,000. The PEP hike came against a 9.1% decrease in turnover to £90m, following on from a 4.4% drop last year when turnover fell from £103.4m to £99m.
July 14, 2010 at 07:38 AM
2 minute read
Shoosmiths has posted a strong upturn in profits per equity partner (PEP) for 2009-10 after seeing PEP fall by more than 50% last year.
Partner profits at the UK top 30 firm increased by 69.5% this year, rising from £151,000 to a new mark of £256,000.
The PEP hike came against a 9.1% decrease in turnover to £90m, following on from a 4.4% drop last year when turnover fell from £103.4m to £99m.
The increase in PEP was attributed to the firm's cost-cutting strategies over the last year that saw trainee contracts withdrawn and 107 staff redundancies, after PEP fell by 53.8% during 2008-09.
Chief executive Claire Rowe (pictured) said: "This improved profit represents a solid performance and a positive step in achieving our strategic objective of improved profitability.
"While the last year has been a challenging one in terms of economic conditions and increasingly fierce competition, it has also been a very good one for developing existing clients and for winning new ones. The firm is now in good shape to move forward as a more profitable business."
Insurance partner Rowe took the helm at Shoosmiths on 1 August last year after former chief executive Paul Stothard quit the firm just one year into his third term.
The national firm reopened its recruitment process for trainees in February this year for its 2011 and 2012 intake after seeing an increase in client demand.
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