Simmons accounts reveal 10% pay hike for management team as top earner takes £1.4m

Simmons & Simmons’ management team took home £8.7m between them in 2016-17, a 10% increase on the previous year, according to the firm’s latest limited liability partnership (LLP) accounts.

The newly-filed accounts state that the group’s combined remuneration rose from an equivalent figure of £7.9m the previous year. The key management team includes managing partner Jeremy Hoyland (pictured), senior partner Colin Passmore, members of the firm’s international executive committee, and the business services directors.

It is unclear from the accounts whether the total number of people in the management team is the same as 2015-16.

The Companies House filings also show that the firm’s top earner for 2016-17 was paid £1.4m, a 17% increase on the previous year’s figure of £1.2m.

This June, the firm announced that profit per equity partner had risen 9% in 2016-17 to reach £635,000, with net profit up 12%.

Staff costs at the firm’s LLP network, which includes the UK, Belgium, France, Germany, the Netherlands and Spain, rose to £86.9m in 2016-17, up 5% from £82.5m the previous year. Total staff numbers increased 4%, to 1,010.

The accounts state that during the year ended 30 April 2016, the firm reorganised its property arrangements and entered into new agreements with landlords. This resulted in the release of provisions for leases and accruals for rental income, adding up to a total credit of £9.9m to the profit and loss account.

The filing also states that in November 2016, “the firm entered into a restructured bank facility agreement for £50m”. It adds: “The facility includes two multicurrency revolving facility agreements structured in the firm of a joint loan.”

Operating profit fell 4% from £100.5m to £96.6m during 2016-17, while turnover grew 7% to £313.7m.

Earlier this month, Simmons 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.