Simmons & Simmons has achieved a 5 per cent increase in revenue from £142m to £149m in the first half of the 2016/17 financial year.
This is a marked improvement on the same time last year, when the firm posted a 1 per cent increase in revenue from £141m, although it is still lower than in 2014, when the firm’s turnover grew by 8 per cent from £129m.
Simmons managing partner Jeremy Hoyland told The Lawyer: “I’m pleased with the results.I think the market is genuinely tough. We have seen some impact from Brexit, some of it good because we have been advising clients on it, but there has been a negative impact on transactions.”
Hoyland said the firm is sticking to its strategy and focusing on core sector areas, which are financial institutions, asset management, TMT and life sciences.
According to Hoyland, TMT and life sciences were the highest performing sector groups in the first six months of the year, while disputes and corporate were the highest-performing practices.
Last month Simmons established a joint law venture (JLV) with Singaporean boutique JWS, which it has been in a “best friends” relationship with for over a year. Hoyland expects this to impact the firm’s performance in H2, “bringing synergies to the international and domestic practice” and allow it to gain further work from bank panels.