After shaky financial results last year, Simmons & Simmons has come storming back with profits up by 56 per cent.
`Last year average profits per partner were only £253,000 which put the firm 45th in The Lawyer 100 survey, while in terms of turnover it was ranked thirteenth.`This year partners will take home an average of £412,000 after achieving gross fees of £149m up from £117m last year. Of that total £50m is profit, up from £32m profit last year.`Managing partner David Dickinson said that the increase in profitability was due in part to examining the efficiency of the firm's overseas offices and that the corporate and finance departments had a particularly strong year.`Overseas offices now account for 23 per cent of total turnover with the China office in Shanghai bringing in 10 per cent of the total. Last year, the overseas practices brought in a slightly greater slice of the total at 25 per cent.`Dickinson said that he was delighted with the figures. "We had a recovery in the first half of last year and the second half was much stronger. We're now a much more confident firm and the atmosphere here is very positive, which has been partially down to our new building."`Simmons is now housed in the newly-built Citypoint building after moving from the three separate buildings it was housed in before.`Dickinson explained that improving profitability of the international offices was in part due to their relative maturity. "It's quite difficult with small offices to make a profit. Until you get a decent critical mass it's very difficult to make a profit."`During the last financial year Simmons has relaunched its practice in Madrid and has opened a one-partner office in Düsseldorf.