Simmons' profits up 24 per cent at half-year point

Simmons & Simmons has announced a 6 per cent increase in income and a 24 per cent rise in profit for the first half of the 2011-2012 financial year.

The firm’s managing partner Jeremy Hoyland described the figures as reflecting, “a solid first-half performance, with particularly strong growth in our contentious practices and European offices, despite market conditions becoming more difficult as the six months progressed”.

Commenting on the outlook for next year, Hoyland noted that the rest of the current financial year was likely to be challenging, “in particular given the ongoing uncertainty across the Eurozone and the impact this has on the global economy. We will continue to look for opportunities to build upon our strengths”.

Earlier this week Simmons’ first-ever LLP revealed that 80 per cent of Simmons’ 2010-11 revenue came from its four core sectors: financial institutions; energy and infrastructure; life sciences; and technology, media and telecommunications. (The Lawyer, 22 November)

There was also a considerable reduction in costs, with staff costs in 2010-11 dropping by almost 7 per cent from £118.5m to £110.8m in 2010-11. The LLP accounts also revealed that the firm has made eight lateral partner hires and promoted 13 new partners internally and that the total number of equity partners has fallen by 8 per cent.

Simmon’s results follow a slew of firms announcing strong results at the half-year point, with Addleshaw Goddard, Allen & Overy (A&O), Ashurst, Bird & Bird and Clyde & Co all posting double-digit growth for the first six months of the 2011-12 financial year. (The Lawyer 21 November)