More global growth: Allen & Overy announces financial results
03 Jul, 2012
Allen & Overy has announced its financial results for the year ending 30 April 2012. The results reflect a clear, long-term strategic focus which has delivered continued success and stability for the business, against a backdrop of economic uncertainty.
- Turnover up GBP63m (+6%) to GBP1.18bn (USD1.92bn; EUR1.45bn)
- Profit (before tax and exceptional items) up GBP30.2m (+7%) to GBP486m (USD790m; EUR597m)
- Profit per equity partner stable at GBP1.1m (USD1.8m; EUR1.4m)
- Particularly strong performance in Australia, Indonesia, Thailand, France, Germany, Spain and the U.K.
- New offices in Washington D.C., Casablanca and Istanbul (Ho Chi Minh City and Hanoi announced in May 2012)
- Partnership expanded by 29 new equity partners (+7%)
Wim Dejonghe (pictured), global managing partner, commented: “We have a clearly defined long-term strategy for growth, which over the past three years has consistently delivered increases in turnover, profits, partner headcount, offices and locations. We continue to open offices in response to client needs for consistent, high quality legal services across the world.” “Despite the downturn we have continued to invest in our people, practice groups and locations, adding three further offices in key growth markets during the last 12 months. These new markets, alongside some of the more mature economies, continue to perform very well under difficult circumstances. We’re confident that our ongoing investment in our global coverage will continue to pay dividends.”
Allen & Overy has continued to expand its geographic footprint, the most extensive among the top tier law firms, with new office openings in Washington D.C., Casablanca and Istanbul. The addition of new offices in Ho Chi Minh City and Hanoi later this year will take Allen & Overy to 42 offices in 29 countries. Turnover generated by offices outside the United Kingdom now stands at over 60% of the overall figure. Nearly half of Allen & Overy’s work this year involved three or more offices, and almost a quarter involved five or more. Reflecting the cross-border nature of its work and the strength of its international network, the business bolstered its new and existing offices with 23 lateral hires across 12 countries, including Australia, Germany and London, and promoted 23 lawyers to partner and 33 to the position of counsel.
High profile international instructions in the past year include advising the private bondholders (including BNPP, Deutsche Bank and HSBC) on the Greek debt restructuring; advising SAP on its USD3.4bn public acquisition of NYSE-listed cloud computing leader SuccessFactors, Inc.; advising the banks on the USD5.8bn Hutchison Port Holdings Trust IPO on the Singapore Stock Exchange; and advising Saudi Electricity Company (SEC) on the successful closure of its USD1.75bn dual-series sukuk issue, the largest international debt capital markets issuance to date out of Saudi Arabia.