Simmons and Ashurst report higher profits
Simmons & Simmons and Ashurst have today become the latest top-100 firms to post robust trading results.
At Simmons, average profit per equity partner (PEP) climbed 14.8% to £528,000 in 2011/12, compared with £460,000 the previous year, on fee income up nearly 4% to £251.7m. Commenting, managing partner Jeremy Hoyland said: 'It is pleasing to see the growth in our business, despite it having been another challenging year for the market. This performance demonstrates the strength of our sector-based approach, as well as the contribution of all of our people, working together for the benefit of our clients.
'In the year ahead, we will be building upon the firm’s strengths, including our sector programme, which is a true differentiator that provides us with a strong platform for growth.’
At Ashurst, income climbed 6% in the year to 30 April to to £322m (£303m), with average PEP up 3% to £744,000 (£723,000).
James Collis, managing partner of Ashurst, said: 'Much of our revenue growth has been driven by performance outside London. In the last year, non-UK revenue accounted for 43% of the total. As recently as 2008, the UK accounted for 70%.
'Overall, non-UK growth was 15%, with performance in Singapore being particularly impressive. In Continental Europe, Italy was another area that performed extremely well, reflecting the strategic investments that have been made there in the last few years.
'The period of change we have been through in the last few years has both strengthened our business and further allowed us to take advantage of the opportunities that these times still bring, whilst keeping the firm debt free. We have made significant progress towards becoming a premier global law firm and our tie-up in Australia continues to drive significant opportunities and cross-referral wins.
'We are confident that there is much more we will achieve in the financial year ahead.’