Simmons & Simmons has boosted its average profit per equity partner (PEP) by nearly 22 per cent, smashing through its target.
The firm recorded PEP of £647,000 well clear of the £600,000 target the firm set a year ago.
The figure marks an increase of more than £100,000 on last year’s figure of £532,000.
Early in May, Simmons became one of the first City firms to release its financial results, posting a 16 per cent increase in turnover from £250.4m to £290m (The Lawyer, 6 May 2008).
Managing partner Mark Dawkins put this year’s strong financial results down to the performance of the firm’s corporate, finance and litigation groups.
Simmons has recovered well from the profitability crisis of recent years which saw PEP as low as £385,000 in 2005 and the departure of several partners. Since Dawkins took over that year, PEP has nearly doubled.
Last year also saw Simmons post a significant increase in PEP, rising 13 per cent from £470,000 in 2005/06 (The Lawyer, 6 June 2007).
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