The restructuring of the past few years, which included the de-equitisation of a number of partners, seems to have paid off for Simmons & Simmons.

Like many of its midmarket rivals, Simmons' average PEP fell just short of the £500,000 benchmark, but a resurgence saw it rise by a credible 22.1 per cent last year, taking it to £470,000. This was significantly more than the firm's target of £450,000.

Partners at the top and bottom of the equity saw their compensation rise by 24 per cent and 21 per cent respectively, to £210,000 and £725,000.

Simmons runs a modified lockstep in which 80 per cent of partner compensation is based on seniority and 20 per cent on merit. Partners at the firm can move up and down the 13-level lockstep, in which level seven is the plateau.

The merit-based portion is based on the partners' work over the past financial year and is decided by the remuneration committee, which comprises four partners (none of whom can be a member of the management team) plus managing partner Mark Dawkins.

The firm's partnership grew by 6.7 per cent last year, or 14 new partners. The bulk of these were lateral hires in London, especially in the banking group, which is an area singled out by the firm's management for expansion.

Corporate still accounts for the largest portion of Simmons' turnover at 39 per cent, or £88.53m. Meanwhile, litigation accounted for 29 per cent, up by two percentage points on the previous year. Property, the firm's smallest practice area, accounted for just 5 per cent, down from last year's 7 per cent.

Since he took over as managing partner last year, Dawkins has been refocusing the business to concentrate on three main areas: financial markets and institutions; energy, utilities and infrastructure; and technology and life sciences. This was not, though, enough to stop it losing the Ministry of Defence as a client during the year.