A&O on track in disputes push as fees break 10% of total revenue
Allen & Overy (A&O) is more than halfway towards its target set in 2008 to grow litigation revenues to 15% of its overall business. Litigation was identified as a key area for growth for A&O two years ago when revenues from the practice contributed 9% to total turnover, at which point the firm set out its intention to achieve the 15% goal within four to five years.
August 03, 2010 at 03:00 AM
2 minute read
A&O sees growth across the board in 50-partner dispute team
Allen & Overy (A&O) is more than halfway towards its target set in 2008 to grow litigation revenues to 15% of its overall business.
Litigation was identified as a key area for growth for A&O two years ago when revenues from the practice contributed 9% to total turnover, at which point the firm set out its intention to achieve the 15% goal within four to five years.
While the firm declined to disclose exactly what proportion of the 2009-10 turnover of £1.05bn was derived from litigation, it confirmed that it is now "closer to 15%".
A&O's litigation push has taken the form of a three-part strategy comprising international growth, improved cross-border integration and cross-department referrals, with a particular focus on building links with the firm's major corporate clients.
Recent international litigation hires have included the May addition of legacy Lovells partner Daniel Busse to head the firm's German litigation practice, while white-collar crime specialist Simon Clarke joined from Mallesons Stephen Jaques in November last year.
In London, intellectual property partners Huw Evans and Neville Cordell joined in September 2009 from Addleshaw Goddard and DLA Piper respectively. In total, firmwide litigation partner headcount has grown from 45 to 50 over the last two years.
A&O litigation steering group chairman Tim House (pictured) commented: "We are doing well in a strong market, with progress in the Benelux region, Hong Kong, Spain and the US. All of the six areas of our global practice targeted for growth are doing well, particularly patent litigation, regulatory/FCPA investigations, cross-border finance litigation and international arbitration. We also expect to see further growth in our patent litigation practice."
Recent highlights have included A&O's New York office acting for ex-Lehman Brothers CEO Richard Fuld and Goldman Sachs trader Fabrice Tourre, while in London the firm has worked with BAE Systems throughout the investigations into its business affairs.
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