Partners at Allen & Overy enjoyed a six-figure boost to their earnings last year as a result of currency movements, the firm’s latest accounts show.
Figures for the year ended 30 April 2017, filed at Companies House on 29 December, confirm that average profit per equity partner stood at £1.5m, up from £1.2m in 2016. However, last year’s figure included a ‘one-off’ foreign exchange gain of £109,000.
In 2016/17 the highest -paid partner at the London-headquartered magic circle giant received £3,519,000 - £68,000 a week - including an unquantifed retirement payment. This was up from £2.8m the previous year. David Morley, senior partner for eight years, retired at the end of 2015/16 to be replaced former managing partner Wim Dejonghe. A&O declined to reveal the top earner.
The firm’s trading figures were published last year. A&O performed strongly among the magic circle, reporting a 27% rise in profits to £716m and turnover 16% higher at £1.5bn.