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Simmons & Simmons introduced managing and senior associate roles to its offices in Belgium, France, Germany and Italy in 2011-12, bringing the bases in line with the rest of the firm.
Simmons first added the managing and senior associate roles to its career path in London some three or four years ago as an additional step for promising lawyers who were considered to be nearing partnership. Around the same time the firm added the managing associate role, but not senior associate, to its Asia and Middle East offices. The firm does not consistently use the senior associate title across its network because market expectations about what the role entails vary from region to region.
“It’s a skills-based step for the firm’s next generation of partners,” said Simmons managing partner Jeremy Hoyland of the managing associate role “and it now applies across the whole of the Simmons network.”
The details emerged in the firm’s 2011-12 financial report, which also states that the firm’s highest earner in the 2011-12 financial year took home £900,000, up from £800,000 in 2010-11.
According to the LLP filing, the firm’s £251.7m turnover (4 July 2012) was divided as follows: corporate and commercial brought in £59.5m, down from £63.7m in the previous year; dispute resolution earned £79.4m, up on 2010-11’s £68.8m; employment work accounted for £18.1m, which was broadly static compared to the previous year’s £18.4m; and financial markets brought in £94.8m, up on the previous year’s figure of £92.1m.
The accounts also show that Simmons’ Asia LLP made a loss of £1.8m in 2011-12, a rise on the previous year, when the firm lost £303,000 in the region. Similarly, the firm’s Middle East LLP accounts show a loss of £4.2m for 2011-12, compared with a loss of £1.7m in 2010-11.
The firm’s finance director David McLaughlin said the two regions had not performed as well as other parts of the business, but added that the treatment of the figures in the accounts could also have had an impact on the results. For instance, filling according to general accounting procedures means that certain charges need to be advanced and written down as a lump sum, when in reality the charges would be spread over longer periods. Also, partners in Asia and the Middle East are remunerated as employees and, because the firm operates a global profit pool, are entitled to the same amount as partners in the UK.