Simmons sets new PEP target for mid-market firms

Average profit per equity partner (PEP) of £600,000 is the new benchmark for the City’s mid-market firms.

Simmons & Simmons increased PEP by 22 per cent to £647,000, joining Berwin Leighton Paisner (£620,000), CMS Cameron McKenna (£655,000), Field Fisher Waterhouse (£750,000), ;Lovells (£662,000), ;Nabarro (£600,000) and Stephenson Harwood (£620,000).

Last year £500,000 PEP was the norm for Camerons, Lovells and Simmons.

Firms such as Clyde & Co, Olswang and Norton Rose, which have yet to announce their 2007-08 PEPs, also achieved that figure. The pressure is now mounting for them to hit £600,000.

Firms with more diversified national presences struggled to keep up last year, with Addleshaw Goddard, Eversheds, Osborne Clarke and Pinsent Masons failing to hit £600,000.