Simmons stakes all on investment as profits slide

City firm Simmons & Simmons has announced a rise in turnover of 12.6 per cent to £176.9m, but is set to post average profits per equity partner of around £300,000, representing a drop of some 20 per cent.
It is the second year in a row that average profits have fallen. In 2002 they fell to £375,000 from 2001's high of £412,000.
Senior partner Janet Gaymer told The Lawyer: "It's as expected. We invested in new offices – Tokyo, Düsseldorf, Frankfurt and Madrid – knowing it would affect our short-term profitability."
Gaymer denied that the drop in net profits would put paid to further expansion. She said: "We intend to invest for the future and to complete our network."