Simmons & Simmons smashes PEP target
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).
What should Simmons & Simmons partners be spending their spare £47,000 on? Contribute your suggestions below.
Readers' comments (23)
Marilyn | 26-Jun-2008 3:43 pm
Marilyn
"Men grow cold
As girls grow old,
And we all lose our charms in the end.
But diamonds, diamonds, diamonds -
Diamonds are a girl's best friend."
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Puff Dawky | 26-Jun-2008 3:46 pm
Who's the Daddy?
Puff Daddy has a motorhome with a marble floor. I don't know whether that costs exactly £47,000, but it did make me respect him far more as an individual.
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Anon. | 26-Jun-2008 3:48 pm
£47k
£47k? That's roughly the price of... an NQ salary, isn't it?
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Method Man | 26-Jun-2008 3:52 pm
Gravel Pit
A wise man once said: "Cash Rules Everything Around Me. CREAM! Get the money. Dollar dollar bills y'all"
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Anonymous | 26-Jun-2008 3:54 pm
Anonymous.
Average 4,700,000 cola bottles per partner. (CBPP).
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Anonymous | 26-Jun-2008 4:00 pm
£47k.
Oxfam does this thing where instead of a crappy Christmas gift you can buy poor villages stuff like a toilet, a donkey, a llama or a well. I'd bet that £47k buys you a pretty bad-ass well.
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Anon. | 26-Jun-2008 4:02 pm
Football pools.
They're the investment of the future.
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Michael Milkin. | 26-Jun-2008 4:03 pm
No way!
Partners should buy junk bonds instead. I'd be happy to help.
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Anon. | 26-Jun-2008 4:07 pm
Spare £47k
diamond-studded nipple clamps. You can get them on the internet.
Probably.
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Anonymous | 26-Jun-2008 4:15 pm
PEP
Well done Simmons for beating their target, but it still leaves them far short of that plan they had in yesteryear of joining the magic circle.
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Ajay | 26-Jun-2008 4:26 pm
Simmons & Simmons smashes PEP target
you could pay your bonus to me. I would spend it wisely (I promise).
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Jim Kana | 26-Jun-2008 4:27 pm
Spare £47,000
If I had a spare 47k I'd buy a pony. I never had one as a child, and I can still feel the pain.
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Foxy Brian | 26-Jun-2008 4:30 pm
Cheap at twice the price
The partners are in luck, I'm on sale for £47,000.
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Anonymous | 26-Jun-2008 4:34 pm
£47k
I'd buy Donald Trump a more convincing wig.
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Anonymous | 26-Jun-2008 4:39 pm
£47k
I'd get loads and loads and LOADS of tea-bags, so I'd never ever run out.
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Si Clist. | 26-Jun-2008 5:01 pm
£47k
A really cool bike with a flag on the back and loads of spokey-dokeys.
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Anon. | 26-Jun-2008 5:05 pm
Spare cash
£600k is pretty good annual earnings for anyone. Partners should do some good with the money: there are more worthy causes out there than donors.
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Sir Arthur Chortleton | 26-Jun-2008 5:07 pm
Rubbish
£47k is peanuts. In fact I spent £47k on peanuts for lunch today. I had a handful and threw the rest in my solid gold bin. I don't like peanuts.
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Dishcloth Dora | 26-Jun-2008 5:07 pm
Re: spare cash (17.04)
good call. Find out what the cleaners are earning: I doubt it would be £47,000 between them.
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Anonymous. | 26-Jun-2008 5:10 pm
£47k
I'd hold two or three really good parties with all my mates and family in attendance. Once the last of your mates gets married no-one holds events like that anymore.
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Penfold McWhirter | 26-Jun-2008 5:22 pm
Shillings and pence
But remember that £47,000 today is worth only about £2 4/6 in old money. That wasn't enough to buy a Wham bar in an East End brothel. Of course the internet has changed all that now.
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Anonymous | 27-Jun-2008 8:52 am
47K
The money should be donated to charity. Pass a legislation on the same: if your earning are higher than that projected you donate the rest. If it's lower your fired!
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Haydn Sikh | 27-Jun-2008 11:30 am
Extra cash
Why don't all the partners club together to buy another urinal they could stick on the wall in client reception and call it art?
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