So Simmons & Simmons has put its profitability woes firmly to bed.
As revealed by TheLawyer.com (26 June 2008), the firm has boosted its average profit per equity partner (PEP) by 22 per cent to £647,000, blasting through far past its original £600,000 target.
Which is a far cry from the firm’s nadir in 2004, when the firm was forced to axe 11 partners to raise PEP from a lowly £275,000, well below that of rivals.
As well as those slashed, the paltry partner income also led to a haemorrhaging of partners, that included Steven Bryan and Ed Lukins in corporate, IP head Helen Newman, energy head Jerry Walter and banking head Nicholas Fisher, who all left for more lucrative shores.
These days Simmons is a far more attractive proposition for up-and-coming partners.
PEP has more than doubled since the dark days of 2004, thanks to managing partner Mark Dawkin’s focussed approach on certain key sectors - financial institutions, TMT, energy and life sciences - and the firm’s international network.
Just ask Matt Rees, Chris Horton and Daniel Winterfeldt, who have all joined as London partners since the start of the year, in the corporate, capital markets and banking groups from O’Melveny & Myers, Lovells and Jones Day respectively.
And there is also good news too for Simmons associates after the firm promoted a record 18 to the partnership, including nine in London.
Our prediction? More new partners by the end of the summer.