Simmons on target for £500k PEP

Simmons & Simmons is on course to break through the £500,000 average profits per equity partner barrier after a positive first six months of the current financial year.

The firm has posted half-year results of £123m, a rise of 14 per cent from 2005. The increase is slightly less than Simmons’ full-year growth at the end of the last financial year, when income was up by 16 per cent to £227m.

However if it remains on course, the firm should manage record turnover and profits this year, although the results are not as impressive as many other firms in the UK’s top 20.

Simmons was recently appointed to the UK panel for insurance giant Axa, and has hired a new financial services partner in the shape of Clifford Chance associate Charlotte Stalin.

But the firm was hit at the end of September by the news that five partners from its Hong Kong and Shanghai offices were quitting Simmons to launch Fried Frank Harris Shriver & Jacobson’s first Chinese operation.

Managing partner Mark Dawkins said that the firm plans to restablise its presence in the region, and has appointed Hong Kong financial services partner Paul Li as the new Chinese head.