International law firm Simmons & Simmons has today announced its unaudited financial results for the year ending 30 April 2024.
Following a year of significant investment, the results demonstrate another strong year of growth from the firm, with headline figures of:
- revenue of £574m, up 10% on the previous financial year;
- profit of £204m, up 8% on the previous financial year, and
- profit per equity partner of £1,076k – up 7% on the previous financial year, and up by over 50% over the last 5 years.
The positive results were partly down to the expansion of the firm’s partnership, including 24 lateral partner hires across 10 countries; and partly due to investment in AI and technology, and the development of its global client base.
Growth was also driven by the firm’s four sector approach. Simmons continues to focus its work across four key sectors: asset management and investment funds (AMIF), financial institutions (FI), healthcare and life sciences (HLS), and technology, media and telecommunications (TMT).
Simmons’ financial results were supported by:
- Growing its TMT sector work by 22%, by advising leading institutions on tech and data regulation, and advising some of the world’s largest tech companies.
- The continuing development of the firm’s Financial Institutions sector and relationships.
- The rapid expansion of the firm’s international Digital Business practice. The firm’s London practice has doubled in size over the year.
- The firm’s frontrunner status in the AMIF sector, where it advises over 85% of the largest 50 global asset managers, most major hedge funds in Europe and the US, and some of the world’s largest institutional investors.
- The firm’s growing expertise in AI. Simmons’ expertise was recognised through the appointment of the firm’s Global AI lead, Minesh Tanna, as Chair of the AI committee for the City of London Law Society (CLLS). Internally, the firm’s groundbreaking Generative AI tool “Percy”, has been transforming the way it works.
- The continued strong performance of its Solutions business; particularly Adaptive – the firm's flexible resourcing platform – with income up 14% over the last year (growth of over 120% over the last five years) – supported by another strong year for the business in Asia.
On this year’s results, Simmons’ managing partner Jeremy Hoyland commented:
“These latest financial results demonstrate another year of growth from the firm in the face of a challenging market. The success we’ve seen over the last year is driven by our four sector strategy, our commitment to innovation, and our focus on premium work. The investments we’ve made right across the firm – in particular in our people – have also been crucial to our success. Today’s positive results also reflect how we’ve been able to adapt to the rapid advances in AI and technology. The firm is well placed to seize the opportunities of a changing legal market.”
