Allen & Overy has become the first magic circle outfit to report full financial results, reporting a sixth consecutive year of growth on the back of a surge in M&A work.
In the year to 30 April, revenue climbed 4% to £1.28bn and pre-tax profit by 7% to £570m.
Profit per equity partner surged 8% to £1.21m.
A&O also reports a ‘strong pipeline’ of work in 2015/16, having experienced a ‘good start’ to the new financial year.
In the last calendar year A&O won roles advising clients on $1.3 trillion of transactions across M&A, debt and equity capital markets, loans and projects - ‘a total deal value unmatched by any other law firm’.
Particularly strong performances were noted in the London, UAE and Luxembourg offices, with ’standout’ growth for dispute resolution globally.
A&O opened offices during the year in Barcelona, Johannesburg and Toronto, and recently confirmed its intention to open in South Korea.
Demand for multijurisdictional work continues to grow ‘strongly’ with 71% of matters involving two countries or more and 25% of matters involving five or more countries.
The firm said its legal services centre in Belfast has now advised on almost 1,000 matters.
Wim Dejonghe, global managing partner, said: ’We continue to enhance the flexibility of our business model so we can deliver what our clients need, while simultaneously catering to the changing needs of our workforce. Our ability to be one step ahead by providing alternative solutions to our clients that really add value is paying off.’
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