Allen & Overy sees revenue and PEP tick upwards as firm restates US ambitions
Magic circle firm builds on last year's record results with rising revenue and PEP
July 05, 2018 at 07:42 PM
3 minute read
Allen & Overy (A&O) has posted 4% growth in both revenue and profit per equity partner (PEP) for 2017-18 as the firm continues to build on last year's standout results.
The magic circle firm added £54m to its top line during the year to reach £1.57bn, while PEP also saw the same percentage increase to hit £1.64m. Profits before tax increased 3% to £690m.
Last year the firm posted double-digit growth across all key metrics, and global managing partner Andrew Ballheimer said he was "very pleased" with continued high levels of activity.
"We have had a busy year across our network and it's gratifying to see another strong increase in revenue after outstanding figures last year.
"Given the current volatility of markets, affected by the uncertainty caused by events such as Brexit and the US election, we're very pleased with how busy we were."
Ballheimer said the firm's corporate practice had performed well in London and western Europe, while he also highlighted its European real estate finance practice as having enjoyed a strong year.
A&O's merger discussions with O'Melveny & Myers are understood to be continuing, and earlier this week the firm recruited veteran Shearman & Sterling partner Stephen Besen for its corporate practice in New York, with Ballheimer reaffirming A&O's commitment to expanding in the US.
He said: "You have to go into the US holistically. If you're just dipping a toe, it's not going to work. Our offering at the moment is high quality, but not yet full scale."
During 2017-18, A&O brought in a number of lateral hires around the world, including City banking partner Ben Regnard-Weinrabe from Paul Hastings, while it also boosted its South African offering with a four-partner Johannesburg team from Baker McKenzie.
The year also saw A&O launch its tech startup initiative, Fuse, as well as a remote working hub office in Vauxhall.
The firm is the third of the magic circle to report its 2017-18 results. Earlier this week, Clifford Chance and Freshfields Bruckhaus Deringer both announced double-digit PEP hikes, posting 16% and 12% rises respectively.
CC's global revenue has increased to £1.62bn, up from £1.54bn in 2016-17, while Freshfields boosted its top line by 5% to reach £1.403bn. Linklaters is expected to report its results next Thursday (12 July).
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