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Friday, March 29, 2024

Simmons´ PEP tops £1m

Simmons & Simmons has unveiled a solid revenue increase of 6% to £465m for the past financial year, combined with an 8% rise in profit to £185m and its profit per equity partner (PEP) figure has nudged through the £1 million barrier for the first time

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Profit per equity partner (PEP) rose, topping the one £1m mark for the first time, up 2% the previous financial year, according to a firm statement on Wednesday.

The performance, which also saw total profit increase by 35% to £171m, is a marked improvement on last year, when revenue and PEP rose by 4% and 7% respectively.

It makes Simmons the latest of a string of UK firms to experience a profitability spike, reflecting the efficiencies imposed by lockdown restrictions on office work, client entertainment and business travel.

Managing partner Jeremy Hoyland welcomed the “substantial growth” achieved during a period that presented “unprecedented challenges and uncertainty”.

He said Simmons’ versatile business had proved its resilience and pointed to the development of new product lines and services, as well as an increase in the number of client mandates.

Simmons & Simmons profit per equity partner (PEP) figure has nudged through the £1 million barrier for the first time, as firms continue to unveil their results for the 2021-22 financial year.

Speaking to Law.com International, managing partner Jeremy Hoyland said he was pleased with the figures, particularly because the previous financial year was “stellar”.

“I did wonder if we could maintain it”, he said, “and then to increase revenue by 6% and the modest increase on PEP, I’m really pleased”.

“The fact that [PEP] has tipped over a million, it’s one of those benchmark figures”, he added.

Hoyland, who said he will not run again as managing partner when his current term ends, added that Singapore was the firm’s best performing office in the financial year, as more firms look to expand and deepen their existing capabilities in the region.

Continental Europe was the firm’s fastest growing region, according to Hoyland, who added: “We’ve been recruiting heavily in Continental Europe since the Brexit referendum and I think it’s starting to pay off now”.

Sourcelaw.com
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