Simmons & Simmons reports annual revenue rise of 12%
25 Jun 2018
Reflecting a year of investment and continued growth, highlights include:
- revenue: up 12% from 2016/17 to £354m
- net profit: up 19% to £110m
- average profit per equity partners up 8% to £686k
- 25 lateral partner hires and nine partner promotions.
Simmons & Simmons has today announced an increase of 12% in its revenue for the year 2017/18. The firm reported revenues of £354m, net profit of £110m and profit per equity partner of £686k. These results have been achieved in a year of significant investment by the firm with 25 lateral partners and nine internal promotions last year.
The figures are largely attributed to the firm’s core sectors (Asset Management & Investment Funds, Financial Institutions, Healthcare & Life Sciences, TMT) – 76% of the firm’s income is derived from these core sectors – and particularly strong activity in the firm’s dispute resolution, technology and regulatory practices.
Simmons & Simmons also opened a Dublin office in March 2018, enhancing the firm’s position as one of the leading asset management firms in Europe, the Middle East and Asia and building on its unrivalled reputation with institutional managers, hedge funds, private funds and retail funds.
Speaking about the past year, Managing Partner, Jeremy Hoyland said: “Our commitment to clients is firmly at the centre of everything we do. This year has been a prime example of that with the opening of our office in Dublin, an increased sector focus and lateral hires and internal promotions in areas where our clients most need our support.”
Delivering new products to help its clients address their most complex challenges remains a priority for Simmons & Simmons. Highlights for 2018:
- SMCR Extension Toolkit: meeting the needs of clients subject to the extended SMCR regime
- Disputes Aviator: analysing factual scenarios and risk factors in relation to the enforceability of the jurisdiction or governing law clauses post Brexit
- Translator: a unique software tool created by Simmons & Simmons’ IP partner Darren Meale to tackle Article 28 declarations; a key challenge for EU trade mark owners over the last 12 months following a change of practice at the EU Intellectual Property Office.
navigator and LaunchPlus Hong Kong also contributed to the firm’s revenue growth.
Its flexible resourcing platform, Adaptive, allowing clients to find high-calibre lawyers for contract assignments, has also seen successful revenue growth, with a turnover for FY 2017/18 of £10m.
In recognition of the firm’s success over the last financial year, it won 48 awards including: