In summary:
- Profit per equity partner up 10% to GBP1.1m (USD1.7m; EUR1.3m)
- Profit before tax stable at GBP429m (USD657m; EUR495m)
- Turnover down 4% to GBP1.05bn (USD1.6bn; EUR1.2bn)
- New offices opened in Qatar, Sydney and Perth
- Launch in Indonesia announced today giving Allen & Overy a presence in 26 countries through 36 offices.
The results were driven by particularly strong performances across the banking, litigation, regulatory and restructuring practices, and Allen & Overy’s ongoing investment in emerging markets. Activity levels in most of Europe and in New York picked up sooner than in other offices following the recessions in those markets.
For the third year running two-thirds of Allen & Overy’s work involved two or more offices and 21% involved five or more offices – reinforcing the value of the global model. Turnover from offices outside the United Kingdom increased again this year and is now almost 60% of the overall figure.
Underlining the strategic importance of our emerging markets network, Allen & Overy today also announces the launch of an exclusive association agreement in Indonesia with Daniel Ginting Law Firm, a new firm based in Jakarta.
Allen & Overy has made a number of other significant international investments this year, namely establishing a presence in Australia (Sydney and Perth) and expanding its network across the Middle East by opening in Qatar.
In addition, there have been a number of strategic partner hires in Amsterdam, Hong Kong, London, New York, Paris, Singapore, and recently in Germany. These hires have bolstered key practice areas such as high yield, litigation, banking, corporate and ICM – all of which highlight Allen & Overy’s determination to build a sustainable business for the future, even in uncertain markets.
Managing partner Wim Dejonghe comments: “Our results reflect healthy demand for our services from our clients, whose trust and loyalty we value highly.
We have made strategic choices to secure future growth, and in doing so we have built resilience into our business, enhanced our global reach and diversified our practice area mix.
“Our partners and staff have already risen to the challenge of adapting to our clients' changing needs in uncertain and difficult times. While the outlook for the global economy remains uncertain, especially in some European markets, we are in the best possible shape to handle whatever challenges the market presents and to take advantage of any attractive opportunities that might arise.”
View our financial results
You can download Allen & Overy's 2010 financial results pack (PDF) which includes:
- press release
- a consoldidated income statement and balance sheet
- an overview of our key awards, deals and cases.
Further information
For further information, please contact Campbell McIlroy: campbell.mcilroy@allenovery.com on +44 (0)20 3088 2783.