Simmons boosts revenues by 12% at half-year point on back of strong international performance

Simmons & Simmons has posted a 12% increase in revenue for the first six months of the 2017-18 financial year.

The firm brought in £167.3m between May and October this year, up from last year’s equivalent figure of £149.4m.

The figures are an improvement on H1 2016-17, when turnover increased by 5%, with the firm going on to post a 7% hike for the full financial year, alongside a 9% rise in profit per equity partner (PEP) to £635,000.

Managing partner Jeremy Hoyland highlighted the firm’s performance outside of the UK as a key contributor to the half-year figures. “Internationally, the results are good. The Middle East is doing well, and Asia has had a good half year,” he said. “In continental Europe, Italy had a good half year and we saw lots of growth in France. They were the two standout performers in the region.”

Commenting on key trends driving activity, he said: “There has been more activity on the transactional side. Last year, transactions were impacted by the Brexit vote, so comparing against that maybe gives us a more normal environment. However, I am always a little nervous at the half-year point, particularly now due to Brexit.”

The firm has added 27 partners since May, including 13 promotions. Key hires have included two former Clifford Chance partners – US capital markets partner Chris Walton and M&A partner Mark Carroll, both of who have joined the firm’s London headquarters.

Other recent hires include Fionan Breathnach, investment funds and financial regulation head at Ireland’s Mason Hayes & Curran, who is joining to lead the firm’s planned launch in Dublin next year.

Simmons has also secured a number of panel wins in recent months, including winning a place on HSBC’s UK roster and being appointed to the UK Government’s new legal panel for finance and highly complex legal advice.