International law firm Simmons & Simmons has today announced its unaudited financial results for the year ending 30 April 2023.
Reflecting a year of investment and continued growth, headline figures include:
- Revenue of £521m, up 12% on the previous financial year
- Profit of £189m, up 2% on the previous financial year
- Profit per equity partner of £1,001k – in line with the previous financial year
The year of continued growth for Simmons was partly driven by internal investment, strong client relationships and the firm’s four sector approach. The positive results were also aided by a number of lateral partner hires – 22 in total across 12 offices in 11 countries.
In addition, Simmons’ financial results were supported by:
- The continued strong performance of its Solutions business; particularly Adaptive – the firm's flexible resourcing platform – with income up 28% over the last year (111% over the last four years) and a strong first year in Hong Kong.
- Advising over 80% of the largest 50 global asset managers, most leading hedge funds, and some of the world’s largest institutional investors on significant and strategic investments.
- Growing its healthcare and life sciences (HLS) sector work by 29%, supported by advising four of the leading developers behind the Covid-19 vaccines.
- Its financial institutions (FI) sector work – where growth in the EU has accelerated as a result of the changing priorities of leading banking institutions.
- Creating the role of Global Head of Wellbeing, filled by Caroline Turner-Inskip – showing a commitment to a positive work environment that brings the best out of employees.
- Developing a leading position in ESG across investments, risk, regulation and the energy transition.
- Its Silicon Valley office, led by partner Emily Jones, with a focus on Technology, Media and Telecommunications (TMT) to deepen the firm’s relationships with major US tech companies and connect with growing tech firms looking to internationalise.
- A strategy to capitalise on technological advancements and support clients – building on the firm’s status as a frontrunner in AI – drawn from its base of expertise in its legal engineering arm, Wavelength.
- A commitment to innovation, recognised by the firm securing two awards at the latest Financial Times Innovative Lawyer Awards, including managing partner Jeremy Hoyland winning the “Innovative Leader Award”.
On this year’s results, Simmons’ managing partner Jeremy Hoyland commented: “This latest year of continued growth demonstrates that the firm is able to thrive in a challenging global business environment with ongoing geopolitical uncertainty. Our renowned four sector strategy, investment in people, and enduring client relationships with the world’s leading organisations have been integral to driving these positive results.
“In a year of economic disruption and rapid technological advances, our continued success shows the firm has capitalised on our global reputation for innovation. Our ambitious new Business Plan will build on this growth, ensuring we deepen our international network and embrace technological change by digitalising our operations and expanding our Solutions business. Simmons is very strongly positioned to respond to the demands of a changing world and meet clients’ evolving business needs.”