International firm Simmons & Simmons has become the latest to report bumper annual results with profits leaping by 35% and profit per equity partner (PEP) nearing £1m.
According to unaudited results for the year ending 30 April 2021, profit has risen by 35% to £171m, while PEP has increased by 30% year-on-year to £980,000. Revenue is up 12% at £437m.
Managing partner Jeremy Hoyland said: ’Despite the unprecedented challenges and uncertainty of the last 12 months, we have seen some substantial growth. As a firm, we have proven our resilience - thanks in part to the versatility of our business and the products and services we have developed as well as the tremendous support we have received from our clients over the past year.
'I’m delighted that our performance, in the face of these difficulties, has exceeded our expectations. Our in-depth understanding of our clients’ industries and therefore our detailed knowledge of their issues has allowed us to provide them with a premium service.’
Hoyland added that the firm has focused on the mental health of its staff and plans to move to hybrid working, under which employees can work from home at least two days a week.
Yesterday, Allen & Overy and Taylor Wessing both celebrated double-digit profit growth. A&O’s global managing partner Gareth Price noted ‘exceptionally high levels’ of M&A activity and said the firm had advised on 12% more deals than any other firm in 2020.