Allen & Overy has posted the highest percentage increase out of any of its magic circle counterparts as profit and turnover jumped.
The international firm reported a 27% rise in profit to £716 million as well as turnover up 16% to £1.5 billion for the year ending 30 April 2017. Profit per equity partner rose by 26% to £1.5 million.
Those figures put it ahead of rivals Freshfields Bruckhaus Deringer, Clifford Chance and Linklaters. Slaughter and May has not released its results.
Overall turnover was higher at Clifford Chance (£1.5bn), an 11% rise on the previous year. PEP rose by 12% to £1.3m at the Canary Wharf-based outfit.
Freshfields posted a modest 0.3% rise in revenue taking its overall figure to £1.3bn while profit dropped by 0.8% to £612m. PEP grew by 5% to £1.54m.
Linklaters was slightly ahead with turnover climbing by almost 10% to £1.4bn and PEP climbing by 7.8% to £1.5m.
A&O said today its figures were a result of ‘continued strong performance in mature markets’ and had been achieved against 'a challenging macro-economic backdrop'.
Several of the firms to have reported so far conceded that turnover and profit rises would have been lower but for currency fluctuations - particularly the pound's fall against the dollar. A&O said currency fluctuations had played a part but did not reveal like-for-like figures.
Andrew Ballheimer, A&O’s global managing partner, said: ‘These strong results underline once again the strength of our client proposition – including our international platform – and the calibre of our people.’