new simmonsSimmons & Simmons has cut monthly drawings of retired partners by 20% to cope with a projected drop in income following the wind up of Railtrack, one of the City firm’s biggest clients.

Letters sent out in October to retired partners, some of whom are able to draw income for 10 years, state the firm is cutting drawings in the wake of Railtrack’s administration and the expected slowdown in corporate activity following September’s terrorist attacks on the US.