Exhibit 5


                          WILLIAMS & ANDERSON, LLP
                             111 Center Street
                           Twenty-Second Floor
                        Little Rock, Arkansas 72201
                               (501) 372-0800

                            November 9, 1998



Board of Directors
Simmons First National Corporation
501 Main Street
Pine Bluff, Arkansas 71601


         Re:      Form S-4 Registration Statement
                  Commission File No. 333-66243

Gentlemen:

         As counsel for Simmons First National  Corporation (the "Company"),  we
have  participated in the preparation of the Company's  referenced  Registration
Statement on Form S-4 as filed with the Securities and Exchange Commission under
the  Securities  Act of 1933,  as amended,  relating to the  proposed  merger of
Lincoln  Bankshares,  Inc.  with  and  into the  Company  and the  corresponding
issuance of up to 301,833 shares (the "Shares") of the Company's  Class A Common
Stock (the "Common Stock"), to the shareholders of Lincoln  Bankshares,  Inc. as
consideration in the merger.

         As counsel for the Company,  we have examined such  corporate  records,
certificates  and other  documents of the Company and such questions of law, and
have made inquiry of such officers of the Company,  as we have deemed  necessary
or  appropriate  for the  purposes  of this  opinion,  and on the  basis of such
examination, we are of the opinion that:

         1. The Company has been duly  incorporated  and is validly  existing  
under the laws of the State of Arkansas.

         2. The Shares,  when issued in the manner set forth in the Registration
Statement relating to the Shares, will be duly authorized, validly issued, fully
paid and non-assessable shares of the Common Stock of the Company.







         We hereby consent to the inclusion of this opinion as an exhibit to the
Registration Statement on Form S-4 filed by the Company and the reference to our
firm in the prospectus contained therein, under the caption "Legal Matters."


                                Very truly yours,

                                WILLIAMS & ANDERSON LLP
 
                                /s/ Patrick A. Burrow
                                    Patrick A. Burrow



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