Shoosmiths will pay all of its employees £1,000 to help with the cost of living crisis, the national firm said today as it announced record revenues and profits for the last financial year.

The firm posted an 8% increase in revenue to £181.8m and a 9% jump in net profit to £60.7m in the year ending 30 April 2022, after recording £167.9m and £55.4m respectively in the previous year. Profit per equity partner was also up by 3% to £675,000.

Shoosmiths said it was ‘able to invest in a comprehensive range of rewards designed to both recognise the significant contribution of its people in delivering these results, whilst also recognising the challenges they face because of the current economic climate’.

Having made a discretionary ‘thank you’ payment equal to 3% of salary to all staff in May, Shoosmiths will provide an additional payment of £1,000 in September – following similar recent announcements by firms including Clifford Chance, Bird & Bird, Osborne Clarke and Irwin Mitchell.

Shoosmiths’ chief executive David Jackson said: ‘The firm is thriving and I am so proud of the amazing people at our firm who have played a significant part in achieving the record financial performance we’re announcing today. Of course, we don’t just measure our success by financial metrics. In fact, more importantly, we measure it on making a positive impact for our clients, each other and the communities in which we operate.’

He also referred to Shoosmiths opening its first international office in Brussels and the firm’s recent work in ‘future-proofing our offices, creating exceptional client facilities and modern working environments so that our people can flourish in a hybrid world and fulfil their potential’.