Simmons & Simmons is overhauling its management and financial accounting system in an attempt to further globalise the firm.
Simmons is creating 10 international practice group heads, most of whom are already practice heads, but in the new roles they will take direct responsibility for recruitment, budgets and marketing for their groups, which until now have been the remit of office managing partners. Office heads will still make salary decisions and other local management choices.
Managing partner Mark Dawkins said the globalisation of practice groups would ensure consistency across the firm, which now has 21 overseas offices following last week’s Moscow launch.
Half of firmwide revenue, which stands at £250.4m, is now generated outside London.
Dawkins said: “This provides us with a more effective means of focusing our international groups on the needs of clients in our four key sectors.”
Simmons’ modified lockstep remuneration system facilitates the move. Twenty per cent of partner drawings are based on performance, accounted for on a practice-wide basis.
The firm will now account for turnover across global practice areas rather jurisdiction.
The new management team comprises: Richard Binns (IP), Nick Cronkshaw (tax), Ian Hammond (disputes), Jeremy Hoyland (financial services), Nick Jones (real estate), Damon Le Maitre-George (corporate), Juliet Reingold (projects), Job Rietkerk (technology), Martin Smith (competition), and Simon Watson (employment).