LAW firm Simmons & Simmons has blamed the tough economy for a three per cent fall in half-year revenue yesterday.
The corporate law specialist posted revenues of around £121m for the first six months of the financial year, but said the figure is flat on last year once exchange rates are excluded.
Managing partner Jeremy Hoyland said: “As anticipated, the ongoing uncertainties in the Eurozone and in a number of economies have made market conditions more difficult and the results were impacted by the weakening of the euro.
“Our costs have fallen from the prior year and the firm is well positioned to take advantage of developments in the second half of the financial year.”
The dip in revenues marks a reversal from last year, when Simmons posted a four per cent rise in turnover and a 15 per cent jump in profit per equity partner.
The news follows confirmation from rival law firm Ashurst earlier this week that it would defer the payment of profits to partners this quarter after seeing its revenue drop by six per cent for the first six months of the year.
Many City law firms have struggled to recover the work lost during the financial crisis. A string of companies have announced mergers in recent years as they attempt to shelter from the continued economic turbulence.