Simmons & Simmons has become the latest UK firm to break the £500,000 benchmark after posting a 13% rise in profits per equity partner (PEP) against the backdrop of a 10% turnover rise.
Preliminary figures released by the firm today (6 June) show PEP at the top ten firm now stands at £530,000, up from £470,000 last year. Meanwhile firm-wide revenue is up 10% for the 2006-07 financial year, placing it at £250.6m, up from £227m last year.
The firm cited the energy and infrastructure, financial institutions, life sciences and TMT sectors as particularly strong performers, with revenue across these groups up by more than 20%.
During the last financial year Simmons opened its second outpost in the Netherlands, opening an office in Amsterdam as well as merging with Mochales & Palacios in Spain.
Managing partner Mark Dawkins said: “The firm’s continuing good performance is very pleasing as is exceeding a PEP of £500,000 for the first time. This is now the third year of strong growth in our profitability, building on the foundations laid by my predecessor, David Dickinson. “Our sector focus is also producing good results, illustrating that focusing upon key parts of the market and being the best in those areas is the right strategy for the firm.”
How do Simmons' results measure up to those of its City rivals? Have your say with the Legal Week Wiki 2007 results special.