Law firm revenues on the rise

Shoosmiths, Linklaters LLP and Weightmans LLP have each published record-breaking financial results for the 2023/24 financial year, with Shoosmiths’ revenue surpassing the £200-million mark for the first time.

Shoosmiths announced a 6% increase in revenue for 2023/24, taking the total to £206.7 million (up from £194.1 million last year). The firm also saw profits jump 5% to £66 million, while profit per equity partner increased by 16% to £781,000.

These record results highlight the firm’s “ambition to excel in its chosen markets and become a leading upper mid-market law firm, serving clients nationally and internationally, by 2030”, according to a statement on the firm’s website.

Speaking about the milestone, Shoosmiths’ CEO David Jackson said: “Our financial results are the direct outcome of focusing on and executing our strategy. We’re continually enhancing our client relationships, expanding our portfolio to include more complex, high-value work, and nurturing our culture.”

On top of this, Experian named Shoosmiths the most active M&A law firm in London and the UK in 2023. The firm advised on more than £7-billion worth of deals last year.

Meanwhile, magic circle law firm Linklaters also saw record financial results for 2023/24, with revenues exceeding £2 billion for the first time and the highest ever pre-tax profit of £942 million – up 10.3% on last year. The firm’s profit per equity partner was also up 8% at £1.9 million. The firm’s US and UK offices both recorded their best-ever results.

Paul Lewis, the firmwide managing partner, said: “In what remain challenging markets for businesses, our corporate, bank, funds and financial investor clients continue to turn to our global platform on their biggest, cross-border mandates, like advising VW on its recent landmark US$5 billion partnership with Rivian in the US. These are the roles that have placed us top of league tables across the UK, Europe and Asia, as well as powering our UK and US offices to their best-ever year.

"With markets now bouncing back, particularly on the public M&A front, our teams have had a very busy start to the year, acting on lots of high-profile roles in the market. We’ll continue to invest to make sure we deliver the best service for our clients on their biggest transactions and most complex legal matters in key jurisdictions."

Elsewhere, Weightmans’ income was more than £140 million for 2023/24, net profit jumped 41.1% to £18 million and profit per equity partner reached £391,000 for the same period. Gateley Legal has also seen revenue on the rise for another year as it hit £172.5 million.