Simmons posts double-digit revenue rise as net profit climbs 19%
25 Jun 2018
This article first appeared in Legal Week on 25 June 2018.
Simmons & Simmons has posted revenue growth of 12% for 2017-18, with profit per equity partner (PEP) increasing by 8% to reach £686,000.
The double-digit revenue growth, which comes after the firm saw turnover increase 7.1% last year, has taken Simmons’ top line to £354m, with net profit rising 19% to £110m.
The firm said that 76% of its income had been generated by its four core sectors - asset management and investment funds, financial institutions, healthcare and life sciences, and technology, media and telecoms.
Key drivers for this year’s improved results were particularly strong performances from the firm’s dispute resolution, technology and regulatory practices, including work resulting from the implementation of the General Data Protection Regulation (GDPR).
Managing partner Jeremy Hoyland said that the firm had been recruiting partners more actively than ever, with 25 laterals joining over the year, including the recent City hire of derivatives partner Matthew Hebburn from Allen & Overy. During the year, the firm’s total number of equity partners rose 10% from 145 to 160.
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