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Allen & Overy records four per cent revenues growth

‘We continue to enhance the flexibility of our business model’, says Wim Dejonghe

2 July 2015

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Global law firm Allen & Overy has reported its sixth consecutive year of growth in revenues and profits.

Revenues grew by four per cent to £1.28 billion in the year ending 30 April 2015.

Profits before tax rose by seven per cent year-on-year to £570m, creating a bumper eight per cent jump in profits per equity partner to £1.21m.

“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,” said global managing partner Wim Dejonghe.

“Our ability to be one step ahead by providing alternative solutions to our clients that really add value is paying off.”

Among the alternative solutions provided by the firm is aosphere, an online legal and compliance information business. It currently has 230 institutional clients and about 10,000 individual users.

Allen & Overy also has a low-cost Legal Services Centre in Belfast and a flexible resourcing business, known as Peerpoint.

In the past financial year, the firm experienced continued strong growth in demand for multijurisdictional work. Seventy-one per cent of all matters involved two countries or more, while a quarter involved five or more countries.

Particularly strong performances were achieved by the firm’s London, UAE and Luxembourg offices, while the global dispute resolution practice achieved “standout growth”.

The firm opened offices in Barcelona, Johannesburg and Toronto in the year ending April 2015. It recently confirmed its intention to open in South Korea.

In the past calendar year, Allen & Overy advised on 1,534 transactions worth $1.3 trillion collectively worldwide.

This represented the highest deal value and number of deals among all law firms worldwide, according to data from Thomson Reuters and Dealogic.

The firm with the second-highest total deal proceeds was Simpson Thatcher & Bartlett, recording $1.3 trillion from 819 deals.

Allen & Overy said it has experienced a good start to the current financial year and has a strong pipeline of work.

 

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