Simmons sees minimal decrease in both turnover and profit

Simmons & Simmons has posted a slight drop in turnover from £251.7m to £250.3m for the 2012/13 financial year, with a similar drop in average profit per equity partner (PEP).

The latest financials, which are still unaudited, show that net profit remained stable at £66.2m in 2012/13, compared to £66m in the previous year.

The firm posted PEP of £525,000 at the end of the last financial year, down just under 0.6 per cent from £528,000 the previous year.

Simmons said its highest-paid partner last year received £950,000 compared to £975,000 in 2011/12. The bottom of equity also dropped slightly, from £275,000 to £270,000.

Simmons reported a 3 per cent drop in turnover for the first half of the 2012/13 financial year compared to the same period in 2011/12 (28 November 2012), but the full-year figure is down only 0.5 per cent on 2011/12’s final results.

The breakdown of revenue across Simmons’ practice areas show that the finance, litigation and employment teams were all very slightly up on 2011/12. However there was a fall in the proportion of corporate work at the firm, from 23.6 per cent in 2011/12 to 21 per cent at the end of 2012/13. Finance and litigation remain the top performers, making up 38 and 33 per cent of turnover respectively, while the firm’s employment practice contributed 8 per cent of revenue last year.

The 2012/13 figures follow a strong 2011/12. The firm posted £251.7m in turnover for that year, up 3.6 per cent on the previous year’s £242.9m, with a 14.8 per cent rise in PEP from £460,000 in 2010/11 to £528,000 in 2011/12.

The past year saw significant international expansion for Simmons. Most recently the firm was granted a licence to open in Singapore (8 May 2013). The firm’s third German office opened in Munich in March this year (10 January 2013).

Meanwhile Simmons also announced an alliance with American hedge-fund focused boutique Seward & Kissel last year (4 October 2012).