Simmons & Simmons profits per equity partner (PEP) has risen but revenue growth for the 2019/20 financial year has lagged slightly on previous year's figures.

The firm increased its revenue by 4% to £390 million, while net profit also increased to £126 million, up 6%.

PEP rose by 7% reaching £756,000, compared to a 4% growth the previous year.

Although the firm's revenue and net profit have climbed, the figures are curbed slightly on the previous financial year, where the firm's top line grew by 6% with net profit increasing by 9%.

In a statement, managing partner Jeremy Hoyland said the results "give [the firm] a strong foundation to weather the crisis and will help us navigate through the difficult times that no doubt lie ahead."

The firm has taken various measures to mitigate the financial impact of COVID-19, including furloughing staff and delaying profit distributions. Notably, the firm's global workforce voted to reduce their working hours and pay by 20% in June.

The firm also undertook its smallest promotions round in over a decade in July, promoting six to the partnership. It also made 14 lateral hires across its London and EMEA offices, including the hire of the U.K. government Serious Fraud Office (SFO) co-head of fraud and corruption in February.

In July 2019, Simmons tapped into the legal technology space by acquiring Cambridge-based legal engineering start-up Wavelength.

Meanwhile, U.K. top 50 firm Clarke Willmott increased its turnover to £51.7 million. However, its net profit and PEP dropped to £11 million and £201,000 respectively.

Stephen Rosser, CEO at Clarke Willmott, said he was "pleased" with the results overall and expects a strong performance in 2020/21 which will deliver a profit "in line with expectations".

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