Simmons & Simmons has seen both turnover and average profit per equity partner (PEP) dip for the second year running, as the firm reveals its 2010-11 year-end figures.
Turnover at the firm is down 3 per cent, from £251m in 2009-10 to £243m in 2010-11. PEP is down less than one per cent, from £461,000 in 2009-10 to £460,000 in 2010-11.
The drop is in line with the firm’s half-year results, when the firm’s turnover was down 3 per cent from £120m over the same period in 2009-10, to £117m.
The firm’s 2009-10 turnover of £251m represented a 14 per cent drop from 2008-09’s £291.3m figure, while PEP dropped 11 per cent over the same period, from £520,000 to £461,000.
In a statement, Simmons managing partner Jeremy Hoyland said: “It was another challenging year in the market, but these results show the continued resilience of our business.
“We’ll focus on our strengths over the next 12 months, by building on our sector strategy and taking advantage of the opportunities in growing markets.”