Simmons financials rebound in second consecutive year of PEP growth
25 Jun 2018
This article first appeared in The Lawyer on 25 June 2018.
Simmons & Simmons’ average profit per equity partner (PEP) rose 8 per cent to £686,000 over 2017/18, just two years after the firm reported a 10 per cent slump in its profits.
In its 2017/2018 financials, Simmons’ turnover grew 12 per cent from £316.1m to £354m, following on from a more modest 7 per cent rise in the previous financial year. Net profit also saw a 19 per cent rise to £110m.
The firm posted less than impressive figures in 2015/16 when revenue grew by a mere 1.7 per cent, from £290.1m to £295.1m. The firm also suffered in 2015/16 when its PEP plummeted by 10 per cent from £650,000 to £585,000.
Hoyland told The Lawyer that despite the previous years’ tough markets, the firm is now “driven by Brexit planning” as it “tries to anticipate a shift in comparative balance between continental Europe and the UK”. This is to be brought about by lateral hires in the firm’s core sectors outside of the UK. Following the firm’s financial results last year, Hoyland stated that the firm was “trying to build up across Europe as a sort of Brexit hedge”.
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