News Law firms Simmons’ turnover falls during first half of 2010-11 By Margaret Taylor 26 November 2010 16:26 17 December 2015 15:44 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 28 November 2010 at 09:17 Whilst cost saving initiatives has been achieved and profits have risen, profits will not grow unless turnover grows. This is because there will always be a spread between turnover and profits, occupied by costs. Even if profits increased at 27% as claimed, at best, one could imagine half yearly profits could be £80m and for a Top 15 firm employing 1,500 personnel, is that sustainable? In the last 3 years, Simmons’ half year profits have dropped from £143m to £120m and now to £118m. So it’s obvious its business opportunities are shrinking and for a Top 15 firm, it can’t afford this and the excuse that times are tough, can only carry on for so long when its competitors are obviously doing better, and growing. Business development will prove crucial at this point and pressure will be on that department (especially its head) to produce new opportunities and/or stimulate more billings from existing relationships. Remember the Madonna flick Desperately Seeking Susan? Maybe it’s now Desperately Seeking Simmons…seeking new business? A merger? Or both! Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.