Simmons posts 8 per cent revenue hike at half year

Simmons & Simmons has seen half-year turnover growth of 8 per cent compared to the same period in 2012/13, with revenues hitting £130.6m at the six-month stage of 2013/14.

The increase follows a minimal drop in turnover for the full 2012/13 year. The firm posted revenue of £250.3m, down less than 1 per cent compared to 2011/12 (9 July 2013). The result was achieved following a 3 per cent decrease in revenue at the halfway point last year (28 November 2012).

Managing partner Jeremy Hoyland said there had been improved performance across the firm. While he said all the practice areas had done well, he pointed to corporate as having had a strong six months.

“There’s a lot more M&A and equity capital markets business, particularly in the UK,” he told The Lawyer. “It’s very pleasing to see the improvement in corporate activity because the corporate market’s been very rough over the last few years.”

Hoyland added that work in the UK had picked up in the last half-year. Across the rest of Europe, Simmons’ German and Dutch offices were performing strongly, but work remained quiet in southern Europe and France with “glimmers” of light “from a very very low base”, according to Hoyland.

Meanwhile Simmons’ new Singapore office, which opened in May (8 May 2013), had had a better start than predicted, Hoyland said. Simmons relocated three partners to launch the office and hired legacy Norton Rose partner Dan Marjanovic for the opening.

Hoyland added the firm’s China and Hong Kong offices had been a little slower. He attributed this to the recent regime change in China, saying the market was waiting to see what the impact would be.

Overall he said he was confident the firm would be able to maintain its current momentum, with plans to continue lateral hiring and investment in core sectors. 

In the first six months of the financial year, Simmons has made a number of lateral hires. Burges Salmon funds specialist Mahrie Webb (29 May 2013) joined the Bristol office, while in London the firm has hired Ashurst real estate partner Matthew Hooton (21 October 2013). Dentons’ former Middle East arbitration head David Risbridger has joined Simmons’ Dubai office (7 November 2013).

The firm has also hired partners in China, France, the Middle East and the Netherlands.

The firm made up seven partners at the start of the current financial year (2 May 2013) and re-elected senior partner Colin Passmore for a second term in office (27 June 2013). In September, partners Peter Meyer and Alex Brown joined Simmons’ board (18 September 2013).