Simmons' first LLP filings show 8% drop in equity partner numbers
Simmons & Simmons has filed its first-ever limited liability partnership (LLP) accounts with the documents highlighting a reduction in headcount over the last financial year, including an 8% decrease in equity partner numbers.
November 22, 2011 at 04:48 AM
2 minute read
Simmons & Simmons has filed its first-ever limited liability partnership (LLP) accounts with the documents highlighting a reduction in headcount over the last financial year, including an 8% decrease in equity partner numbers.
The 2010-11 accounts, which cover the firm's first year as an LLP, reveal that total staff at the top 15 UK firm decreased by 5% from 1,523 to 1,447, while the number of equity partners was down from 103 to 95. Fee-earning staff numbers reduced by 9% from 656 to 596. Support staff numbers were also reduced, from 684 to 665, or by 3%. Over the period, the firm's total staff cost decreased by 6%, from £118.5m to £110.8m.
The accounts also note an 11% increase in profit before tax to £51.7m and a 14% rise in profits available for distribution among members to £50.3m. Despite these increases, Simmons reported a 0.2% decrease in average profits per equity partner (PEP) to £460,000 at the financial year end. The firm said this is because under UK accounting standards the distributions of a number of Simmons' equity partners count as staff costs.
Fee income at the firm stood at £243.0m for the year which, while 3% down on the previous year, was above the expectation held six months into the year. Meanwhile, total turnover at the firm, also including other operating income, stood at £248.6m, down 1% from 2009-10.
Cash at the bank and in hand is down from £11.9m to £7.0m at the 2010-11 financial year end, with net debt also falling from £52.9m to £51.1m.
Commenting on the accounts, the firm said the headcount drop was mainly due to the closing of its Padua office, as well as a tail-end of the Moscow office closing which took place the previous year. In addition, it has not replaced staff in international offices affected by attrition due to market conditions.
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