Simmons & Simmons – UK 100

Turnover: £178.3m

Profit per equity partner: £275,000

Equity spread: £140,000-£430,000

Net profit: £41m

Profit margin: 23 per cent

Salaried partner remuneration: £140,000

Revenue per lawyer: £247,000

Revenue per partner: £845,000

Revenue per equity partner: £1,197,000

Cost per lawyer: £190,000

Profit per lawyer: £57,000

No of partners: 211

No of equity partners: 149

No of female partners: 28

No of female equity partners: 15

Total no of fee-earners (including consultants, paralegals etc): 1,018

Total no of fee-earners (excluding consultants, paralegals etc): 723

Total no of staff: 1,901

Leverage ratio: 1:3.44

Equity partner to staff ratio: 1:5.93

Fee-earner to staff ratio: 1:0.87

Financial management: Average WIP across all departments is 25 days, average debtor days is 90, with no specific lockup targets.

Equity structure: The firm operates a modified lockstep plus merit. Twenty per cent of the firm’s total profits are allocated using a merit-based system. From this year, this will increase to 30 per cent if the firm is more than 20 per cent off budget. This is allocated at one, three, six and ten points. There are thirteen categories of lockstep, only 11 of which were in use last year. Gateway at two to three years is appraised by the partnership committee. Gateway at five to six years appraised by remuneration committee, of which managing partner David Dickinson is now a member. Members are elected every two to three years. Ratio is around 1:3 between top and bottom.

Billable hours targets: Introduced 1 May 2004. Partners 1,500 hours, assistants 1,700 hours. Bonua at transition target of 1,600.

Key clients: China Telecom, Collins Stewart, Merrill Lynch, Railtrack, UBS.