International law firm Simmons & Simmons has today announced its unaudited financial results for the year ending 30 April 2022.
Reflecting a year of investment and continued growth, headline figures include:
- Revenue of £465m, up 6% on the previous financial year
- Profit of £185m, up 8% on the previous financial year
- Profit per equity partner of £1,002k up 2% on the previous financial year
This year of robust financial performance for Simmons was partly driven by an ambitious investment and hiring strategy, which saw the firm make 25 lateral hires across ten offices in eight countries. Nearly half of the partner arrivals joined our financial markets practice, with a significant number also bolstering the ranks of our international dispute resolution and corporate commercial teams.
In addition to hiring talent, Simmons’ financial results were supported by:
- Internal promotions, where the firm made up 13 partners
- The continued strong performance of our Solutions business; particularly Wavelength which grew by more than a third (39%) last year and Adaptive - the firm's flexible resourcing platform - with external income up 25% over the last year (67% over the last three years) and an expansion into Asia and Ireland
- Significantly expanding the firms’ IP bandwidth in Germany with the establishment of a patents prosecution business in our Munich office, continuing the expansion in European patent law
- Appointing its first global head of ESG in Sonali Siriwardena; a clear demonstration of the firm’s commitment to furnishing its clients with next generation ESG advice
- Opening Silicon Valley office, led by partner Emily Jones, with a focus on TMT to deepen the firm’s relationships with major US tech companies and connect with growing tech firms looking to internationalise
- New location for our Dubai office, affirming the firms’ commitment to agile working, innovation and wellbeing
- A commitment to innovation, recognised by the FT Innovative Lawyer Awards 2021
- The firm has also increased its pay and bonuses to lessen the impact of the cost of living increases on those most affected
On this year’s results, Simmons’ managing partner Jeremy Hoyland commented: “Our figures for 2021/22 reflect the success of the ambitious growth strategy that Simmons has embarked on, demonstrated this year by strategically significant expansion across Europe- particularly in Germany-and of course our plans for a US office. Despite another year marred by significant global turmoil and humanitarian suffering, I am proud that as a firm we have been able to come together and support important causes both at home and abroad through our charitable foundation and our Pro bono work.”
Jeremy continued: “Our continued growth is down to our commitment to delivering our four sector strategy, underpinned by the collegiate, collaborative culture that we’ve developed at Simmons. Our Solutions business also provides us an essential platform to innovate in response to evolving client demands and we will continue to invest in this arm of the business. The firm is well positioned to meet the challenges and uncertainties that lay ahead of us.”