A&O profits steady
More than 400 partners at Allen & Overy will earn at least £640,000 this year, the firm revealed as it kicked off the magic circle reporting season today.
Allen & Overy’s results for the year ending 30 April show profits up by 7% to £486m on a turnover up 6% to £1.18bn. Profit per equity partner was £1.1m, unchanged from the previous year. The rate of increase for both revenue and turnover was one percentage point lower than in 2010/11.
A total of 427 partners, paid a fixed share of profits plus a profit-related bonus, will receive between £640,000 and £1.6m in 2012 - a fall of between £2,000 and £3,000 in 2011. The average number of partners rose by 29 during the year.
The firm reported that major European markets in France, Germany, Spain and the UK held up well during the year, as well as emerging markets such as Thailand and Indonesia in south-east Asia.
Wim Dejonghe, global managing partner, said: ‘We have a clearly defined long-term strategy for growth, which over the past three years has consistently delivered increases in turnover, profits, partner headcount, offices and locations. We continue to open offices in response to client needs for consistent, high-quality legal services across the world.’
New offices in Washington DC, Casablanca and Istanbul in the past year – as well as future openings in Ho Chi Minh City and Hanoi later this year – have taken the total number of locations to 42 in 29 different countries.
Annual results are expected from Clifford Chance, Freshfields Bruckhaus Derringer and Linklaters later this week.