The Madrid office, led by Eduardo Peñacoba, has grown by 23% in the 2022-2023 financial year, one of the international firm’s most profitable. The figures reveal that overall revenues from the international firm have reached £521 million, up 12% on the previous financial year. In terms of profits, the firm has reached £189 million, up 2% on last year.
Image and comments: managing partner globally, Jeremy Hoyland and Eduardo Peñacoba, Managing Partner of Simmons in Spain
International firm Simmons & Simmons has announced its unaudited financial results for the fiscal year ending April 30, 2023 and profit per equity partner amounted to £1,001,000 in line with the previous year.
Simmons’ good global figures are the result of an internal investment strategy, strong client relationships, and the firm’s sectorial focus. Also noteworthy is the addition of 22 partners in 12 offices in 11 countries, including the internal promotion of Carmen Torres, a new partner in the Labor and Employment practice in the Spanish office, after 9 years with the firm.
This internal promotion joins the recent hiring of Francisco de León last November, and Olivia Delagrange in April of this year, both of whom are specialized in the Insurance sector, in the Corporate and Commercial and Dispute Resolution areas, respectively. In this way, the Spanish office of Simmons continues its growth while it remains committed to sector specialization.
At a global level, Simmons & Simmons attributes the success of its business figures to a large extent to the good results of the Solutions business area (the alternative legal services and products branch), in particular Adaptive (the flexible recruitment platform for professionals), with a 28% increase in revenues in the last year (111% in the last four years). The firm has continued its commitment to Artificial Intelligence, led by the legal engineering branch: Wavelength.
The firm has advised over 80% of the top 50 global asset managers, most of the top hedge funds, and some of the world’s largest institutional investors on large strategic investments; 29% growth in Health and Life Sciences (HLS) work, advising four of the world’s leading Covid-19 vaccine developers.
The creation of the role of Global Head of Wellbeing, held by Caroline Turner-Inskip, demonstrating Simmons & Simmons’ commitment to maintaining a positive work environment that brings out the best in employees; the development of an ESG leadership position in investment, risk, regulation and energy transition.
Another reason for the succes is the good progress of the Silicon Valley office, led by partner Emily Jones, with a focus on Technology, Media and Telecommunications (TMT) to deepen the firm’s relationships with leading U.S. technology companies and connect with those in this sector that are growing and looking to internationalize.
According to Eduardo Peñacoba, Managing Partner of Simmons in Spain, “the results of the firm at a global level are inspiring for the members of the Madrid office, who accompany with their growth and results of the year the fulfillment of the firm’s Business Plan”.
On this year’s turnover figures, Simmons & Simmons’ Managing Partner globally, Jeremy Hoyland, noted that the figures for 2022/23 “reflect the success of the ambitious growth strategy Simmons has embarked on, demonstrated this year by the significant strategic expansion across Europe and, of course, our plans to open an office in the United States.” “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, through our charitable foundation and our Pro bono work,” he concludes.