Exhibit 8
                           WILLIAMS & ANDERSON, LLP
                             111 Center Street
                           Twenty-Second Floor
                        Little Rock, Arkansas 72201
                                (501) 372-0800

                              October 30, 1998


Simmons First National Corporation
P. O. Box 7009
Pine Bluff, Arkansas  71611

Lincoln Bankshares, Inc.
101 Boyer Street
Lincoln, Arkansas 72744


     Re:          Simmons First National Corporation Registration
                  Statement on Form S-4

Gentlemen:

     We have acted as counsel to Simmons First National Corporation, an Arkansas
corporation  ("Simmons"),  in connection with the proposed merger (the "Merger")
of Lincoln  Bankshares,  Inc.,  an Arkansas  corporation  ("LBI")  with and into
Simmons,  pursuant to the terms of the Agreement and Plan of Merger, dated as of
August 24, 1998 (the "Agreement") by and between Simmons and LBI as described in
the  Registration  Statement  on  Form  S-4 to be  filed  by  Simmons  with  the
Securities and Exchange Commission (the "Registration Statement").  This opinion
is being rendered  pursuant to the  requirements of Item 21(a) of Form S-4 under
the Securities Act of 1933, as amended.

     In  connection  with this  opinion,  we have examined and are familiar with
originals or copies,  certified or otherwise identified to our satisfaction,  of
(i) the  Agreement,  (ii)  the  Registration  Statement  and  (iii)  such  other
documents as we have deemed  necessary or  appropriate  in order to enable us to
render the opinions below. In our  examination,  we have assumed the genuineness
of all signatures,  the legal capacity of all natural persons,  the authenticity
of all  documents  submitted  to us as  originals,  the  conformity  to original
documents  of  all  documents  submitted  to  us  as  certified,   conformed  or
photostatic  copies and the  authenticity of the originals of such copies.  This
opinion is subject to the  receipt  by counsel  prior to the  Effective  Date of
certain written representations and covenants of Simmons and LBI.

     Based upon and subject to the foregoing,  the  discussion  contained in the
prospectus  included as part of the  Registration  Statement (the  "Prospectus")
under the caption "Certain Federal Income Tax Consequences", except as otherwise
indicated,  expresses  our  opinion  as  to  the  material  Federal  income  tax
consequences applicable to holders of LBI Common Stock. We express no opinion as
to the tax consequences of the exchange by certain minority  shareholders of the
Bank of  Lincoln  of for shares of LBI  Common  Stock  immediately  prior to the
consummation of the Merger.  You should be aware,  however,  that the discussion
under the caption  "Certain  Federal Income Tax  Consequences" in the Prospectus
represents our  conclusions as to the application of existing law to the instant
transactions. There can be no assurance that contrary positions may not be taken
by the Internal Revenue Service.

     This  opinion is  furnished  to you solely for use in  connection  with the
Registration  Statement.  We hereby  consent to the filing of this opinion as an
exhibit to the  Registration  Statement.  We also consent to the  references  to
Williams  &  Anderson  LLP  under  the  heading   "Certain  Federal  Income  Tax
Consequences" in the Registration Statement and the Prospectus.


                                   Very truly yours,

                                   WILLIAMS & ANDERSON LLP


                                   /s/ Patrick A. Burrow
                                       Patrick A. Burrow

PAB/ms