Impact Report - 23/24 v3 Copy

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Chief Operations Officer

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A review of the progress and impact Shoosmiths has made during 2023-2024 in respect of its clients, people, innovations, ESG goals and financial performance.

Impact report FY24

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8% +

£675k

£181.8m

£60.7m

Shoosmiths’ clients are leaders, innovators, and visionaries who demand nothing less than excellence.

Phenomenal client base

In Litigation, we have acted on two of The Lawyer’s top cases for 2024: defending Liberty Mutual Insurance on disputes over foreign aircraft stuck in Russia and representing Dr Craig Wright in COPA v Wright — the most high-profile crypto case in the world.

Lead lawyers on the Wilko administration

Central to our strategy is client obsession - excelling for our clients and creating strong client advocates. Highlights include:

Excelling with clients

Strategic growth

Our strategic repositioning centres on three core pillars — Corporate, Real Estate, and Litigation — and five key sectors: Technology, Energy & Infrastructure, Mobility, Living, and Financial Services. Shoosmiths is now a multifaceted force targeting diverse markets. A wholesale re-brand in May 2023 introduced a dynamic ‘family of brands’ approach. Swiitch was the first standalone brand to launch, targeting the firm’s residential conveyancing clients.

Our strategy

Our ambition is to excel in our chosen markets and be a leading upper mid-market law firm by 2030, supporting clients across the UK and internationally. Two years on from our strategy launch, the firm has delivered several quick and impactful projects across the business, creating a strong foundation for Shoosmiths to achieve its goals.

The 2024 UK Guide from Chambers and Partners ranked 96 of Shoosmiths' practice areas. The firm gained 17 Band 1 rankings, six new rankings, and five promotions. The firm is the sixth-most ranked firm in the directory. The Legal 500 confirmed that Shoosmiths received the highest number of respondents than any other firm participating and ranks the firm in a total of 91 practice areas, of which 33 are Tier 1 rankings. The firm was promoted in 17 practice areas and seven practice areas broke into the tables with a new ranking. A total of 272 Shoosmiths lawyers are referenced in the guide’s commentary for their standout contribution. With 128 UK rankings, Shoosmiths is fourth place in the list of firms with the most Legal 500 UK rankings.

Market-leading teams

International

Our international offering is constantly expanding, as we seek to further grow our client base across the world. Using a mix of our own offices across the UK and Europe, as well as leveraging the relationships we hold with our network of international preferred firms we are able to support some of the world’s most exciting and ambitious businesses on what matters most to them. This year has seen us grow our team in Brussels with the hire of Gauthier Broze. We have advised clients in over 63 countries including work for: Hipgnosis Songs Funds, MR Group, Hela Brands & AK Retail.

Providing opportunity We announced the launch of an apprentice solicitor pilot scheme as an alternative entry point to a career in law. This scheme, beginning September 2024, complements the firm’s work with organisations such as the Purpose Coalition on the firm’s Social Mobility Impact Report, and Aston University, Virgin Media O2, and the Chartered Institute of Legal Executives (CILEX) on the Pathways to Law project for college-age students. On the six-year programme, successful applicants will gain technical knowledge, practical experience, and wider skills needed for a career in the law. Apprentices will also benefit from the support of a student manager and a personal tutor. Apprentices who complete the programme and pass the Solicitors Qualifying Examination (SQE) will earn an LLB (Hons) in law and legal practice.

Shoosmiths EIGHT — the firm’s connected services arm that offers broader client solutions to complement traditional legal advice — received more targeted investment. Recognising that legal advice is just one piece of the puzzle when it comes to tackling complex business challenges, EIGHT’s aim is to help clients solve multi-faceted challenges with more complete products from a single provider. The dedicated EIGHT team, led by its new director Tom Speller, launched SmartSAR, a solution that combines the firm’s data privacy expertise with cutting-edge processing technology and cloud hosting to help clients with the processing burden and cost uncertainty of data subject access requests, which often cost businesses millions of pounds and decades in man hours to process.

Environmental targets We’re on our way to decarbonising our business by 2040, with near-term and long-term science-based emissions reduction targets validated by the Science Based Targets initiative (SBTi). Our overall goal is to reach net-zero GHG emissions across the value chain by FY2040:

Enhancements to our people proposition Our people are our greatest asset and our greatest ambassadors. We’re proud of the warm, supportive culture we’ve cultivated at our firm. We’ve enriched our benefits in ways that matter most to our people. These include:

Strategic appointments Client service is at Shoosmiths’ core, and promoting talent and investing in strategic hires to drive the 2030 strategy is a focus for the firm. We welcomed a string of new senior leaders to help realise our goals.

(with shared parental leave creating 26 weeks’ enhanced pay)

Tom Slate as Director of Projects & Innovation from Clifford Chance

Tom Speller as Director of Shoosmiths EIGHT from Barclays Corporate Investment

13 lateral partner hires of which more than half based in London

Previous Head of Real Estate, Kirsten Hewson elected as Chairperson from April 2024 during 2023-24

People

Explore the progress and impact Shoosmiths has made during 2023-2024 in respect of its people

Clients

Explore the progress and impact Shoosmiths has made during 2023-2024 in respect of its clients

Innovation

Explore the progress and impact Shoosmiths has made during 2023-2024 in respect of innovation

ESG

Explore the progress and impact Shoosmiths has made during 2023-2024 in respect of ESG

Financials

Explore the progress and impact Shoosmiths has made during 2023-2024 in respect of its financials

Our financial results Despite turbulent economic events and substantial investments, the firm announced in July it was up on every metric owing to the new strategy which doubles down on focus on the firm's strategic pillars of corporate, real estate and litigation and sectors of Technology, Energy & Infrastructure, Mobility, Living, and Financial Services.

Revenue

9% +

3% +

Net profit

PEP

Revenue

Net profit

PEP

7% +

3% +

0.1% +

£676k

£62.7m

£194.1m

Revenue

Net profit

PEP

6.5% +

5.3% +

15.7% +

£781k

£66m

£206.7m

2021/22

2022/23

2023/24

absolute scope 1 GHG emissions

REDUCE

55.7%

by FY2030 from a FY2020 base year

annual active sourcing of renewable electricity from FY2020

74%

by FY2025 through FY2030

INCREASE

100%

absolute scope 3 GHG emissions

by FY2030 from a FY2020 base year

REDUCE

absolute scope 1, 2 and 3 GHG emissions

by FY2040 from a FY2020 base year

REDUCE

50%

90%

Separately, we aim to achieve net zero for our operations (scope 1 and 2 emissions) by 2025. This is not a SBTi validated target.

Key environmental projects

Increased renewable energy sourcing to cover 98% of our electricity consumption, representing a 95% reduction in our market-based scope 2 emissions compared to our FY2020 base year.

Continued to develop our carbon data management tool to facilitate adapting business practices where targeted emissions are not decreasing.

Defined suppliers with high impact using a combination of procurement policy, Standard Industry Classification Codes, and information available from existing suppliers (as part of our efforts to move towards predominantly carbon emissions data from our supply chain, our procurement team has implemented this project to net-zero risk rate suppliers).

Continued to implement a sustainable travel policy that applies an internal carbon levy on every business flight – high charges encourage colleagues to travel wisely and to consider the travel hierarchy when making business travel decisions.

Tom Speller Director of Shoosmiths EIGHT

The Shoosmiths Foundation JERICHO, the most recent recipient of Shoosmiths Foundation funding, provides local work and training placement opportunities. Funding from the Shoosmiths Foundation supported the charity’s Jump Start programme, which provides beneficiaries with the tools they need to enter and sustain mainstream employment after participating in a core JERICHO programme. Our funding supported 50 people, 77% of whom progressed into sustained employment, education, or other positive outcomes.

Introduction

As CEO and Chair of Shoosmiths, we are proud to introduce our fourth annual impact report. To find out more about the impact our business has made in the last financial year, please watch our introductory video and browse our sections on clients, people, innovation, ESG and financials.

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2022

2030

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FINANCIALS

ESG

INNOVATION

PEOPLE

CLIENTS

INTRO

Hover over a year to learn more

2021/22

2022/23

2023/24

Click a year to learn more

2021/22

2022/23

2023/24

AI We see generative AI as a significant opportunity. Underscoring our commitment to forward-thinking, we were one of the first law firms globally invited by Microsoft to pilot its new generative AI assistant, Microsoft 365 Copilot, which involved 300 Shoosmiths’ lawyers and business services professionals. Copilot has been integrated into our systems to streamline workflows and boost productivity and efficiency for the benefit of our clients. To develop and prepare our people for technological changes, we introduced an AI Policy early last year. We also issued guidance to prospective applicants on using AI in their applications — David Jackson was the first CEO to encourage the responsible use of generative AI in trainee and apprenticeship applications. These are just some of the reasons why the Financial Times ranks us as one of Europe’s most innovative law firms and in the top 10 of innovative firms in the UK.

High profile deals

Co-parent leave

Increasing co-parent leaveto 12 weeksfull pay

Backup care

Funded access to backup child, adult and pet care

Fertility partnership

Apricity fertility partnership, providing guidance, treatment and discounts

Health cover

Extending to private health and dental cover for all colleagues

Refreshed recognition scheme

Available to all colleagues with no financial cap

Impact report FY24 video

Business criticalIT projects

Critical global IT transformation deal for a leading luxury car manufacturer

Award winningtech projects

Advising a global cosmetics company on its global Web3 and Metaverse strategies

Strategic corporate mandates

Five Arrows on an inaugural acquisition

Prominent transactions

PwC on the sale of Cath Kidston to Next

6.5% +

5.3% +

15.7% +

£781k

£66m

£206.7m

7% +

3% +

0.1% +

£676k

£62.7m

£194.1m

8% +

10% +

3% +

£675k

£60.7m

£181.8m

Revenue

Net profit

PEP

Growth

Litigation by +12%

Corporate by +15%

+13

Lateral hires

Carbon footprint Our total emissions across scopes 1, 2 and 3 for 2023/2024 were 7,240 tCO2e, a decrease of 41% against our FY2020 base year using a market-based methodology. We operated on an 11-month cycle in the 2023/2024 financial year due to a change in the fiscal year start date (beginning in April 2024). Data for 2023/2024 was therefore provided for an 11-month period, with data extrapolated to 12 months using the monthly averages of available data to enable a like-for-like comparison and a 12-month reporting period. Scope 3 totals were significantly affected by an improvement in accuracy of our emission factor dataset for purchased goods and services and capital goods. We will be undertaking a full baseline review, in line with our commitment to SBTi, in the coming year to ensure robust year on year tracking of our emissions reductions. We will publish our 2023/2024 carbon reduction plan report by the end of 2024, which will include a detailed breakdown of our emissions.

Awarded employee bonuses in July 2023 that included a business travel spend metric in support of our net-zero strategy.

Carbon levy funds invested in measures to reduce carbon emissions, including evaluation of new or unproven technologies.

Leadership & governance Our Board is continually listening, learning, and prioritising DEI. It is a standing agenda item for Board meetings, including periodic updates from the DEI team and employee network chairs on trends, challenges, and successes. Each member of the Main Board is an ally for one of the networks, providing support and sponsorship to their particular identity group. The firm also has a Shadow Board. Its aim is to bring in diverse perspectives from around the firm to create a feedback loop that makes recommendations to the senior management.

Social We strive to build a diverse workforce that reflects all backgrounds and identities. Our goal is to create a workplace that is supportive and inclusive, recognises and nurtures talent, and fosters a strong sense of community among colleagues. To achieve this, we have recently refreshed our Diversity, Equity & Inclusion (DEI) strategy, which focuses on three key pillars: Accountability, Opportunity and Community.

The firm has published ESG reports including data and progress against targets since 2012 and has published annual Carbon Reduction Plans since 2022.

VIEW HERE

Band 1 rankings

Excelling for our people We’re committed to the personal and professional development of all our people. Amidst change and transformation, we invested in the expertise of world-renowned psychologist and author Professor Steve Peters to help all colleagues understand how our minds work to successfully navigate life’s opportunities and challenges. Supporting the ‘whole person’ at work and home, we purchased Steve's book Path Through the Jungle for all at the firm and arranged a series of talks on these themes at away days.

Rachel Reid as Chief Operating Officer from DLA Piper

"One ofEurope's most innovative law firms"

FINANCIAL TIMES

The FTplaces us in the top 10 of innovative law firms in the UK

NEW rankings

PROMOTIONS

272

STANDOUT LAWYERS

PROMOTIONS

TIER 1 rankings

2 options for the financial charts?

Increased renewable energy sourcing

Our carbon data management tool

Defined suppliers with high impact

Continued to implement a sustainable

Carbon levy funds invested in measures

Awarded employee bonuses in

ACCOUNTABILITY

OPPORTUNITY

COMMUNITY

Accountability is essential to drive change and starts at the very top.

OPPORTUNITY

Opportunity focuses on supporting the career development of professionals from underrepresented groups to create equitable outcomes. We work to equip everyone, regardless of level, with the knowledge and skills to lead inclusively across diverse teams, incorporating career development, upskilling, and training programmes.

Our Inclusive Leadership training, hosted by Pearn Kandola, leading providers in diversity and inclusion consulting, launched in 2022 and has now been attended by over 100 partners, directorate managers, and the senior leadership team. Intended to support personal growth and development, the practical workshop explores themes of inclusivity in leadership across cultures, relationships, decision-making, and action planning. All attendees receive personalised feedback reports into their own leadership style.

1/2

2/2

Reciprocal Mentoring programme wrapped up its second cohort. By pairing colleagues from across the business with senior leaders, it aims to turn traditional mentoring on its head to open up a flow of knowledge and sharing of diverse experiences and perspectives between participants.

Community incorporates our work across networks, external partnerships, and client engagement. Following the launch of Unique, the firm’s newest inclusion network focusing on health and disability, we now have five employee led inclusion networks — helping the firm to create connections within our community, to celebrate each other’s identities, and to really bring to life the value of ‘being ourselves’. Our networks help us to support colleagues, our communities, and clients, whilst shining a light on stories and issues that matter to all of us, recognising that we all have a role to play as allies in making workplaces and society fairer.

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ESG

INNOVATION

PEOPLE

CLIENTS

INTRO

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Our strategy

2022

2030

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INTRO

Innovation Shoosmiths has always punched above its weight when it comes to innovation, and developments in the last year have been no exception.

Embedding innovation in our leadership Innovation combined with exceptional legal expertise turbocharges client excellence. That’s why we formalised our innovation capability into a Client Technology & Service Improvement directorate, driving a business-led, client-focused approach. We added senior lawyer capability and insight to the directorate, with new legal innovation leads from each of our three divisions. Shoosmiths also appointed a new Director of Projects & Innovation, Tom Slate, responsible for driving change in the delivery of legal and business processes. In his previous firm, he played a major role in developing and implementing its innovation strategy, focused on client service improvement and delivery.

2021/22

2022/23

2023/24

Innovation Shoosmiths has always punched above its weight when it comes to innovation, and developments in the last year have been no exception

Elearning on understanding microaggression has also been introduced, complementing out existing offering on unconscious bias.

Alongside our five networks we also have Social Mobility Champions across all of our office locations who play a key role as we continue to deliver against the firm’s Social Mobility Action Plan across our 13 locations in the UK. Building on this we launched Shoosmiths Social Mobility Impact Report (in partnership with The Purpose Coalition) in early 2024. The Report, launched within the Houses of Parliament, highlights key areas where Shoosmiths is having significant impact and makes recommendations where we can develop our social mobility commitment further. Read the Report here.

Community

Accountability

Accountability is essential to drive change and starts at the very top. We take a firm-wide approach to inclusion, diversity and wellbeing by embedding inclusivity throughout our structure, practices and processes, and taking data-driven interventions to support the firm’s strategic aims. DEI is now a standing agenda item for Board meetings, including periodic updates from the DEI team on trends, challenges and successes, and from the employee network Chairs Each member of the Main Board is also now an ally for one of the firm’s inclusion networks, providing support and sponsorship.

2/3

1/3

Understanding and being transparent with our people data is central to accountability. We are committed to implementing data-driven interventions to support our strategic DEI aims. We share our UK representation data annually and publish our mandatory pay gap reporting. Since 2018, we have voluntarily chosen to include ethnicity pay gap data and partner data in our reports and, more recently, LGBT+ and socio-economic data too. We now partner with people analytics experts Pirical to provide highly sophisticated insights into recruitment, retention, and progression of underrepresented groups.

3/3

We launched our Shoosmiths Understanding Racial Equality (SURE) project to better understand issues of racial disparities within the legal industry and potential barriers to progression faced by Black, Asian and ethnic minority individuals at the firm. To create safe, impartial and confidential spaces, we partnered with two external vendors, Aurora and SA Consulting to conduct focus groups and prepare an aggregated and anonymised feedback report. The findings and recommendations from this partnership have provided great insight into the sentiments and experiences of our ethnic minority colleagues and this has provided the foundations of developing our Race Equity Action Plan.

2/2

1/2

2021/22

2022/23

2023/24

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Chief Operations Officer

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A review of the progress that Shoosmiths LLP has made during 2023/24 in respect of it's clients, people, innovations, ESG goals and financial performance.

Impact Report

try the demo

BUTTON

FINANCIALS

BUTTON

ESG

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INNOVATION

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PEOPLE

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CLIENTS

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INTRO