ALLEN & OVERY FINANCIAL RESULTS

06 Jul, 2011

Allen & Overy LLP has today (July 6) announced its financial results for the year ending 30 April 2011. The results reflect the business’ ongoing strategy of major investment in its global coverage and long term business efficiency.

 

In summary:

  • Turnover up 7% to GBP1.12bn (USD1.87bn; EUR1.26bn)
  • Profit per equity partner stable at GBP1.1m (USD1.8m; EUR1.2m)
  • Distributable profit up 6% to GBP455.8m (USD759.8m; EUR512.6m)
  • Particularly strong performances posted by global banking and litigation
  • New office in Jakarta; Washington, D.C. office opening on 18 July 2011

 

 

Performance reflects the multi-jurisdictional nature of client work and demands for cross-border legal expertise; a trend that has accelerated significantly in recent years. Half of Allen & Overy’s work this year involved three or more offices, and almost a quarter involved five or more. Turnover generated by offices outside the United Kingdom rose again to almost 60 per cent of the overall figure.

Wim Dejonghe, global managing partner, commented: “This has been a year of long term investment in our business. Despite tough economic conditions, we have continued to expand into growth markets, while bolstering our position in mature financial centres with strategic lateral hires and a focus on long term business efficiency.

“This strategy has served us extremely well. We see that the much talked about shift from the West to the East is now a reality; one highlighted by our exceptionally strong performance in the Asia Pacific region. We have been consistent in our pursuit of expansion opportunities and, as a result, we have ensured we are able to support our clients with an ‘on the ground’ presence where they need us across today’s evolving global markets.”

Allen & Overy’s continued investment in its global coverage which, at 37 offices, now provides a unique footprint and the most extensive coverage among the top tier law firms, is paying dividends. Asia Pacific was boosted by the launch of the Australian offices in February 2010 and more recently Jakarta, seeing partner numbers double in the region over the past two years. Existing offices and practices were bolstered with market leading talent during the financial year through 16 lateral hires in key financial centres, including Paris and Frankfurt, in addition to 17 in Australia.

Driven by a strategic focus on long term business efficiency, Allen & Overy announced that it is to launch an office in Belfast this autumn, containing support and legal service centres. It also invested heavily in technology and the working environment of its people. Seven Allen & Overy offices (over one sixth of its network) have relocated to new premises in the period.

 

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