Simmons & Simmons today became the latest of several international firms that have so far posted flat partner profits despite strong growth in income.
Revenue grew 12% to £521m in the year to 30 April, while profit per equity partner was virtually unchanged on 2022 at £1,001,000 (£1,002,000). Last year was, however, the first in which PEP ran to seven figures.
‘The year of continued growth for Simmons was partly driven by internal investment, strong client relationships and the firm’s four sector approach. The positive results were also aided by a number of lateral partner hires – 22 in total across 12 offices in 11 countries,’ the firm said.
Other growth factors cited included:
- strong performance in the Solutions business; particularly the Adaptive flexible resourcing platform, with income up 28% and a strong first year in Hong Kong.
- advising over 80% of the largest 50 global asset managers, most leading hedge funds, and some of the world’s largest institutional investors;
- growing the healthcare and life sciences sector work by 29%, supported by advising four of the leading developers behind the Covid-19 vaccines; and
- financial institutions sector work – where ‘growth in the EU has accelerated as a result of the changing priorities of leading banking institutions’.
Simmons’ managing partner Jeremy Hoyland commented: ‘In a year of economic disruption and rapid technological advances, our continued success shows the firm has capitalised on our global reputation for innovation. Our ambitious new Business Plan will build on this growth, ensuring we deepen our international network and embrace technological change by digitalising our operations and expanding our Solutions business.’
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