Simmons & Simmons announced today (6 December) a 5% increase in half-year income, bringing in revenue of £149m in the first six months of the 2016/17 financial year, up from £142m this time last year.
Managing partner Jeremy Hoyland attributed the increase to practices such as disputes, life sciences and TMT which are all up from last year, as well as growth in corporate.
Hoyland (pictured) said: ‘Banking has been slower with not much activity seen on the borrowing side and real estate continues to have a tough time, albeit making a comeback. Geographically, France and the Middle East were our top performers.’
‘These are solid results given current market conditions and the uncertainty we have seen since Brexit. I’m pleased we are 5% up, and I continue to believe that playing to our strengths and continue to focus on these is the way forward. Firms that don’t identify their genuine strengths risk mediocrity,’ he added.
For financial year 2015/16 Simmons posted turnover up by 2% to hit a record £295.1m but partners suffered a sharp fall in profits as its cost base soared.
Growth slowed last year after a stronger year for the City stalwart in 2014/15, when revenue rose 8% to £290.1m and profits per equity partner (PEP) leapt 17% to £649,000.
In September this year, Simmons hired Ashurst’s Brussels office head Carl Meyntjens, whilst in the same month Magic Circle firm Allen & Overy hired a third and fourth intellectual property (IP) partner from Simmons.
Post-Brexit, the firm also made multiple redundancies in its banking and real estate practices, as real estate practices experienced a marked slowdown in transactions post 23 June vote.
Other LB 100 firms to post half year financials include Fieldfisher which posted a 10% revenue bump to £64.1m, while Allen & Overy posted a 14% rise on last year’s figures to £731m.
georgiana.tudor@legalease.co.uk