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UK City Firms
Simmons & Simmons (London)
After a few years of defections and money worries Simmons seems to have turned the corner. Over the past few years revenues have increased nicely, partners are now averaging over half a million a year, and turnover for 2013/14 hit £268.6 million (up from £250.3 million in 2012/13 and £18 million more than in 2007, pre-economic buggeration).
Simmons' traditional problem has been that it was rarely principal adviser to top companies and found it difficult to cream off the best work as a result. Although it has plenty of major clients such as JP Morgan, Deutsche Bank and Credit Suisse, when the big deal comes along it is consistently overlooked. A few years back the firm underwent a strategic review with the aim, amongst other things, of addressing this and focussing on the type of client for whom it wanted to act. It is now concentrating on five key sectors: Asset Management & Investment Funds, Energy & Infrastructure, Financial Institutions, Life Sciences and Technology, Media and Telecommunications. The ambition is that whilst it can't compete with the biggest firms on everything, it should be in the running on any deal that falls within these areas.
Given the rise in profits this has clearly started to pay dividends. Although it used to be fair to say that the firm's financial performance lagged behind some of its competitors, the breadth of the firm's practice meant that it managed to hedge somewhat against the downturn, whilst other firms who focussed exclusively on big ticket corporate work found that they had a lot of salaries to pay and precious little work coming through the door.
Simmons also benefits from a stellar reputation in some niche areas of the market. Its employment team is without a doubt one of the the best in the City, with anyone who's anyone gracing the client books. It's also one of the best firms for IP and life sciences work, acting for clients such as GlaxoSmithKline and Bacardi. The IT team has got the Indian outsourcing market pretty much sewn up, the projects group is excellent, and litigation has been consistently busy and profitable. High profile sexy clients include HMV, Virgin Media and the odd Russian oligarch (the firm acted on Lebedev's purchase of the Evening Standard).
It even seems to be making progress in its achilles heal of international expansion. And with 20 offices worldwide, trainees can expect a trip out to any number of exotic and glamorous locations. Or Dubai (where, to be fair, it's supposedly a great laugh - though there were redundancies in 2012).
On top of that, Simmons is widely considered one of the more laid back firms at which to work and its got pretty swanky offices at City Point (complete with Damien Hirst art and a neon sign saying "trust me" outside the lecture hall). Assistants comment that "
the work is really interesting and big ticket, and the hours are relatively civilised
", and "
everyone has a friendly and approachable attitude
". How very jolly. Well, almost. There are gripes that there are "
imposed daily time recording targets for all fee earners with angry email alerts if 10 seconds are missing!
" And, while "
the firm is a great place to work
", the "
feeling at the moment in the associate ranks is that the firm wants to work associates harder, with little prospect of increased remuneration to reflect that
". The good reportsalso don't change the fact that associate attrition is rumoured to be high - especially with pay being nothing special and the bonus metric incomprehensible.
A job lot of trainees were deferred in 2009 when the firm simply didn't have the capacity to employ them - but at least they got to do a special MBA (and received a generous stipend for doing so). Having said that, reports reach us that there are still too many trainees around - and you may find yourself doing work which - in busier times - would be considered secretarial. And retention rates haven't been amazing - six out of ten trainees were kept on in March 2014.
Salary (1st seat trainee):
Salary (Salaried partner):
Typical bonus as % of salary
Grant for GDL:
Grant for LPC:
Training places per year:
% of trainees retained:
RollOnFriday Firm of the Year Scores
Firm of the year overall score:
Group Flexible Retirement Plan, 5% contribution from the firm
26 weeks at 100% average weekly earnings + 13 weeks at Statutory Maternity Pay and remaining 13 weeks unpaid
Gym allowance to help with cost of membership
24 hour photocopying support:
24 hour secretarial support:
Music lessons and a range of flexible benefits
Explanation and source of figures
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Or possibly two. Still, it's the lowest rate in the City. For shame
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