A&O unveils 6% turnover growth as investment sees PEP hold steady
Allen & Overy (A&O) has become the first magic circle firm to announce its 2011-12 financial results, posting a 6% increase in revenue on the back of another year of investment across its network. The firm saw turnover climb to £1.182bn during the last financial year, up from £1.119bn in 2010-11. Profits per equity partner (PEP) remained static at £1.1m for a third consecutive year, while profit (before tax and exceptional items) grew by 7% to £486m, up from £456m.
July 02, 2012 at 07:03 PM
2 minute read
Allen & Overy (A&O) has become the first magic circle firm to announce its 2011-12 financial results, posting a 6% increase in revenue on the back of another year of investment across its network.
The firm saw turnover climb to £1.182bn during the last financial year, up from £1.119bn in 2010-11. Profits per equity partner (PEP) remained static at £1.1m for a third consecutive year, while profit (before tax and exceptional items) grew by 7% to £486m, up from £456m.
The results come against a 7% increase in equity partner numbers during the year, with the firm adding 29 equity partners through lateral hires and promotions.
A&O managing partner Wim Dejonghe (pictured) said: "We are very pleased with the result, which confirms our strategy of steady investment, and increasing market share in some targeted areas. In the established markets, France, Germany, Spain and the UK have done extremely well. In terms of practice area performance, banking, litigation and regulation have stood out this year.
"We have been investing our profit increases over the last few years back into the business with the backing of the partnership and we believe we have found a good balance between investment and long-term and short-term profitability."
A&O opened new offices in Washington DC, Istanbul and Casablanca during 2011-12, with a launch in Vietnam announced in May this year. Taking into account all of the new office launches, 60% of A&O's turnover is now generated from the firm's offices outside the UK.
At its partner conference last month, the firm's management received broad backing to push forward with further international expansion over the next year, with Canada, the US and Africa earmarked for growth.
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