Simmons & Simmons witnesses huge profitability spike during pandemic
The profit per equity partner jumped by 30 per cent, revenue increased by 12 per cent while profitability spiked by 35 per cent
London-based international law firm Simmons & Simmons has reported an impressive set of financial results for the financial year 2020-2021.
The firm's revenue grew by 12 per cent to £437 million, profit per equity partner (PEP) increased by 30 per cent to £980,000 while the total profit witnessed a spike by 35 per cent to £171 million.
Simmons becomes the latest in the list of UK firms to witness a huge profitability spike, which reflects how efficiently the UK firms turned the lockdown restrictions into an opportunity to turn around their revenues.
Jeremy Hoyland, Simmons' Managing Partner, termed the "substantial growth" achieved during a period that presented "unprecedented challenges and uncertainty".
According to Hoyland, the versatile business had proved Simmons' resilience and pointed to the development of new product lines and services, as well as an increase in the number of client mandates.
The firm's flexible resourcing platform, Adaptive, was singled out, having achieved revenue growth of 30 per cent.
"As we push ahead, adapt our working styles and move to a hybrid working model, we will continue to develop new ways of working with each other and our clients," Hoyland said while underlined the firm's efforts to mitigate remote working's potential impact on mental health that included the launch of a wellbeing hub last year.
Simmons' flexible working policy allows most staff to spend two to three days working remotely each week.