Linklaters by slashing client count” />Simmons & Simmons is planning a Linklaters-style strategy of cutting the number of its key global clients in the wake of the financial crisis.
Simmons has rethought its plans following the loss of key clients such as Lehman Brothers and ABN Amro.
Under the current three-year plan, which comes to an end next year, the firm targeted 50 large companies across its international network.
But managing partner Mark Dawkins is hoping to cut that number by at least half. He said: “For a firm of our size, 20-25 is a better number.”
Each of Simmons’ overseas offices will also be given a list of local clients to target.
The move comes hot on the heels of Linklaters’ plan to reduce the total number of clients it represents from 11,000 down to an expected 3,000 by this time next year.
Dawkins is set to consult Simmons’ international practice group heads about the scheme before putting it to the vote at the partner meeting in spring 2009.
The three-year strategy to pursue business from 50 global clients by focusing on key sectors has seen firm’s revenue rise by 48 per cent, from £196m to £289.3m.