Simmons targets sharp hike in Bristol lawyers and international growth in new three-year plan
Firm aims to grow from 42 fee earners to 70 in the city as it unveils new strategy, which also eyes global expansion
May 07, 2015 at 08:08 AM
4 minute read
Simmons & Simmons aims to boost its lawyer headcount in Bristol by two-thirds as part of its new three-year plan, according to managing partner Jeremy Hoyland, who began his second four-year term in the role on 1 May.
The new strategy, approved by the firm's partnership last month, will run until 30 April 2018 and sees the firm put developing its sector focus internationally at the forefront of its plans.
This marks a continuation of the previous three-year strategy, which saw the firm add a fifth sector – asset management – alongside energy and infrastructure, financial institutions, life sciences, and technology, media and telecoms.
"We want to focus on our sectors, do it internationally, and be seen as a premium firm delivering services to clients in those sectors," said Hoyland.
Bristol, where Simmons launched its first UK office outside London in 2012, will play a key role in the strategy. Since opening with 17 lawyers, including five partners, in a bid to provide a lower-cost option to clients the base has more than doubled to 42 fee earners in addition to 44 support staff.
The firm plans to grow to 50 fee earners imminently, climbing to 70 in a process that will take at least a year.
"We've been expanding there pretty rapidly and we are actively looking for more lawyers across most of the practice areas in Bristol. We really see that as an area for growth," added Hoyland.
Growing in continental Europe is also on the agenda, with Hoyland disclosing that he is currently in talks with Paris head Thierry Gontard about growth plans in the region, particularly in finance and litigation.
New office openings are unlikely in the near future, however, following a flurry of activity in the past few years, including office launches in Singapore and Munich in 2013 and Riyadh and Luxembourg in 2014.
Instead, Simmons plans to boost its emerging markets coverage through relationships with local firms on the ground, with the firm targeting arrangements with outfits in Africa and Singapore.
Unable to practise Singaporean law, the firm has been working closely for the past month with local boutique JWS Asia Law Corporation.
The firm is keen to secure a more formal tie-up in the region, where it currently focuses primarily on financial institutions and energy, but is testing the waters first. It currently has 13 fee earners including five partners in Singapore.
"It's pretty early days," said Hoyland. "At the moment, we are just starting to get to know them [JWS] and see if they can refer us to their clients and vice-versa."
Meanwhile, in Africa, after signing an alliance with Fasken Martineau last year, Simmons is looking for local connections focused around energy and infrastructure work.
"We are looking at local law firms in Africa and how to build relationships with them," Hoyland added.
According to Hoyland the firm also remains open to the prospect of securing an elusive merger with a US firm.
"We do have a lot of US clients so it is an important market for us. I don't think anyone of any great creditability would not be prepared to talk to a US firm if they thought they were good so we're open to that."
In the short term though Simmons is focused on its year-end results.
Hoyland concluded: "We need to get through the year-end and deliver the results that I hope we will. I think the key for us is we need to be seen as being at the top-end of profitability with our peer firms. And I'm sure those firms are desperately trying to push up their profitability as well."
"I think we've had a good year; the devaluation of the euro has had an impact on income, as it has for anyone with a material part of their business in the eurozone, but I think we will probably exceed budget for the year."
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