Simmons & Simmons has recorded another year of steady growth, its latest financial results reveal, with all key financial metrics up as the firm readies itself for more difficult times ahead.
The firm’s financial results published today (24 July) show firmwide revenue rose 4% to £390m, a slow rate on last year’s 6% increase and a considerable drop from the firm’s 12% hike in 2018. Meanwhile, the firm’s overall profit stood at £126m, up 6% on last year and profit per equity partner growth surpassed last year’s figure, hiking 7% to £756,000.
While revenue growth has slowed for a second successive year, the five-year growth track is impressive: Simmons has added £100m to its top line since 2015, a 34% increase.
‘We have seen another year of growth and our financial and market performance continues to be strong,’ commented managing partner Jeremy Hoyland (pictured). ‘All our regions have achieved good increases in both profit and revenue as we continue to invest in the future of the firm, with continental Europe and Asia having particularly pleasing years. These results give us a strong foundation to weather the crisis and will help us navigate through the difficult times that no doubt lie ahead.’
The firm’s modest decrease in revenue growth was matched by fewer partner hires and promotions across the year. 2020 saw six partners made up at the firm, compared to a bumper round of 15 receiving the nod last year. Likewise, lateral hires were down, with 14 new partners brought into the firm compared to 16 the previous year.
However, in the New Law space Simmons has made significant gains. The firm’s flexible lawyering platform – Adaptive – has seen revenue jump 25% over the last two years, while last summer the firm made a surprising move in acquiring legal engineering start-up Wavelength .
‘The firm has maintained the focus on its four key sectors, which put us in a strong competitive position to develop our relationships with clients in these industries throughout the pandemic and as business recovers,’ Hoyland concluded.