The new figures represents an improvement of more than a fifth (22%) on last year’s mark of £532,000 and puts the firm well ahead of the target PEP of £600,000 set by management last year.
The news comes after Simmons in May became the first major City firm to announce its turnover for 2007-08, with total revenues climbing by 16% from last year’s mark of £250.4m to a new high of £290m.
Managing partner Mark Dawkins cited the firm’s corporate, litigation and intellectual property practices as particularly strong performers over the course of the year.
The results mark the second successive year that Simmons has notched up a double-digit advance in partner profits, with PEP climbing by more than 13% the previous financial year.
However, the firm’s profitability continues to marginally lag that of key City rivals Lovells and CMS Cameron McKenna, with the latter rocketing up the rankings this year after posting an impressive 30% increase in PEP to £655,000, up from £502,000 last year. Lovells, meanwhile, saw PEP improve by 12% from £592,000 last year to a new value of £662,000.
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