04:53, December 05 313 0

2017-12-05 04:53:19
Simmons posts 12 per cent jump in half-year revenue

Turnover at Simmons & Simmons has increased by 12 per cent in the firm’s half year results for 2017/18.

The firm posted a revenue figure of £167.3m, up from the previous year’s first half figure of £149.4m.

For the same period last year, Simmons posted a more modest rise of 5 per cent in revenue terms, from £142m to £149m.

The growth has largely been attributed to its addition of 27 partners, including 13 promotions, since May this year.

Hoyland said there had been an “improving trend” in transactional practices and that financial markets and corporate & commercial delivered double digit growth.

He said there were strong performance in the Middle East and Asia, as well as Europe.

“This performance is above our budget expectations,” said Hoyland. “We are obviously keen to see this level of income growth sustain throughout the year – but are cautious in view of the challenges that lie ahead – not least Brexit.”

Hires include Mark Carroll, Chris Walton and Jan Joost van Rijsbergen from Clifford Chance, as well as James Dean from TLT; Simon Ovenden from Cleary Gottlieb Steen & Hamilton and Michael Burdon from Olswang.

Managing partner Jeremy Hoyland said: “I am pleased with the results for the first half of the financial year and thank our employees for the outstanding contribution they have made. We have seen strong results in all our sectors, AMIF, FI, TMT and life sciences. We will be continuing to build on our many strengths and look to leverage off the investments we have made.”

In October, the firm invested in a new office in Dublin with the hire of Fionana Nreathnac from Mason Hayes & Vurran.

The Dublin office will be focused on investment funds work and regulatory work for asset managers and financial institutions. Breathnac used to head up the investment finds & financial regulation practice.