In a symbolic move, the firm has drawn up a new-look ‘top 10’ list of priority clients in a bid to diversify away from its traditional public sector client base.
Simmons is now targeting a string of new private energy and infrastructure clients across the
The firm refused to comment on the names of the top 10, but confirmed that all are private sector.
The move comes after the City firm has lost its place with several high-profile clients, including the Ministry of Defence (MoD), which axed Simmons from its main roster of advisers early last year.
Although Simmons continues to handle some low-level work for the MoD, including projects that pre-date the loss of its place on the panel, losing the client has made a substantial dent in its recent profitability. The firm was also a major adviser to Railtrack before it was taken into public control as Network Rail.
Explaining the overhaul, Simmons energy and infrastructure chief David Shasha said: “It is about getting a balance between the private and public sector. Government clients by definition do not work internationally. It simply makes good business sense to target clients which you can service across your jurisdictions.”
The push for private sector clients comes as the firm has secured several notable hires including most recently Freshfields Bruckhaus Deringer partners Patrick Wallace and Andrew Bonser for its energy and infrastructure group.
