International firm Simmons & Simmons has announced a rise in revenue and profit, saying the boost will help it 'navigate through the difficult times that no doubt lie ahead’.
According to unaudited figures for the year ending 30 April 2020, profit at the firm rose by 6% year-on-year to £126m, while profit per equity partner increased by 7% to £756,000. Revenue is up 4% on the previous financial year at £390m.
Jeremy Hoyland, managing partner, said: ‘We have seen another year of growth and our financial and market performance continues to be strong. All our regions have achieved good increases in both profit and revenue as we continue to invest in the future of the firm, with continental Europe and Asia having particularly pleasing years.
‘These results give us a strong foundation to weather the crisis and will help us navigate through the difficult times that no doubt lie ahead. They speak to the dedication and commitment of our people who continue to deliver excellent service to our clients despite the challenging conditions in many of our countries.’
Last month, staff at Simmons & Simmons were asked to take a 20% pay cut and move to a four-day week in a drive to preserve jobs. The firm had previously delayed partner distributions and deferred decisions on staff pay and bonuses until later in the year.