Allen & Overy Profits Rebound, Accounts Reveal
By jurisdiction, the firm's Middle East and Africa arm saw the highest percentage revenue growth.
December 23, 2019 at 06:14 AM
2 minute read
Allen & Overy's profits for division among members grew by 10% in the most recent financial year, the firm's latest limited liability partnership accounts reveal.
The accounts show that the figure grew from £401.8 million to £443.3 million in the year ended 31 April 2019. The growth follows a slump in the figure the previous year, when profits for division fell by almost £100 million.
The accounts, posted on Companies House, reveal that a total of £16 million was paid to the firm's management team during the financial year – an increase of just over 8%. The group includes senior partner Wim Dejonghe and managing partner Andrew Ballheimer, as well as the heads of the main global practice groups.
The accounts also show that staff costs at the firm jumped by nearly 9% from £561.1 million to £610.2 million during the year.
A breakdown of the firm's revenue by jurisdiction shows the firm' U.K. offices brought in the bulk of the figure, accounting for £633.3 million of the total £1.627 billion.
While A&O's Middle East and Africa operations brought in the smallest percentage of the total firm revenue, it had the best year-on-year increase of all the firm's jurisdictions. It brought in over 12% more than it did during 2017-18, hitting £100.2 million in revenue.
A&O's Americas business, meanwhile, accounted for £136.4 million in revenue – an increase of 5% compared to the previous year.
The firm's Asia Pacific offices brought in £244.5 million while its continental Europe bases took £512.5 million – increases of 10% and 4% respectively compared to their previous year's takings.
Next year the Magic Circle firm will vote in a refreshed senior management team. Current managing partner Ballheimer announced his intention to retire at the end of his current term, and the candidates for his replacement include: global litigation head Karen Seward; Hong Kong managing partner and APAC regional banking head Vicki Liu; Belgium managing partner and global corporate co-head Dirk Meeus; and global projects head and energy co-head Gareth Price.
Meanwhile incumbent senior partner Wim Dejonge is being challenged for his position by global banking co-head Philip Bowden.
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