Allen & Overy continues strong growth driven by cross-border work
06 July 2018
Allen & Overy has announced strong results for the year ended 30 April 2018, building on last year’s record figures in an environment of continued geopolitical uncertainty. The figures are testament to a compelling international platform, as multijurisdictional work continues to drive growth.
- Revenue up by GBP54 million (4%) to GBP1.57 billion (USD2.10bn; EUR1.78bn
- Profit before tax is up 3% to GBP690 million (USD923m; EUR784m)
- Profit per equity partner (PEP) is up 4% to GBP1.64 million (USD2.19m; EUR1.86m)2
- Strong income growth from Western Europe, CEE and our Advanced Delivery businesses
- All practice groups performed well, with International Capital Markets (ICM), Corporate and Taxation standout performers
- Demand for cross-border work continues to drive growth with over three quarters of revenue derived from matters involving more than one country
“We have continued our drive for innovation with the launch of Fuse, opening the door to the exciting tech developments which clients have embraced alongside our wider Advanced Delivery offering. Our reach into these new areas, coupled with our core business of delivering excellence in legal advice across the globe, ensures an exciting future for the firm.”
Success across the network
In terms of practices, ICM had a particularly good year, thanks to its breadth of coverage across product areas and growth in the CLO practice following recent hires in the U.S. Corporate also had a very strong year globally, with the practice’s busiest year on record and standout performances regionally from London and Western Europe.
The Banking practice saw continuing strength of performance particularly from the real estate finance practice in Europe and the Projects group and leveraged finance practice globally, alongside continued investment in the regulatory practice with the hire of Ben Regnard-Weinrabe and Bob Penn rejoining in London.
It has been a year of investment for the global Litigation practice. Four partners were promoted in international arbitration and lateral hires bolstered the white collar crime capability in Paris and London, and reinforced the focus on patent litigation in Munich. In addition, the global litigation practice was expanded to Africa with the recruitment of a 14-strong team in Johannesburg.
Alternative delivery solutions driving client engagement
A&O’s Advanced Delivery businesses, which include the Legal Services Centre in Belfast, consultant lawyer platform Peerpoint, the Project Management Office and online services business aosphere, continue to thrive with revenue growing by over a quarter on the last financial year. In particular, the last year has seen Peerpoint’s panel grow by 45% to around 300 consultants and aosphere now has more than 400 clients.
In addition, this year saw the opening of Fuse, a tech innovation space, designed to allow A&O lawyers, clients and technologists to collaborate on, develop and test new legal, regulatory and deal-related technology solutions. The first cohort of companies gave impressive results, with more than 5,500 visitors to the space and ten pilot products launched. As a direct result, the global banking practice has now embraced a new technology from Fuse member Legatics. Fuse also played host to the world’s first fully automated cryptocurrency-denominated bond by Nivaura, a Fuse company that A&O made an equity investment in this year.
A focus on diversity
This year has seen A&O refresh its gender strategy with the aim of accelerating progress in increasing the proportion of women in its partnership. The strategy includes initiatives such as sponsorship and mentoring programmes, monitoring the pipeline of female talent globally, increased flexible working opportunities and greater partner accountability on this issue.
A&O has also announced that its LGBT+ network, A&Out, has opened to alumni members as well as staff and Jim Ford, Chair of the network and partner at A&O, was included in the OUTstanding Leading LGBT+ Executives List. Additionally A&O has launched its Race and Ethnicity @A&O network with the aim of focusing on the needs of, and issues affecting, black, Asian, and minority ethnic people at A&O. MaameYaa Kwafo-Akoto, a senior banking associate who sits on the network committee, was this year included in the Empower 50 Ethnic Minority Future Leaders List.
Our global community commitment
Allen & Overy is proud of its culture of pro bono and this year has seen a 21% increase in the amount of time lawyers have dedicated to pro bono work. In addition, A&O’s partnership with War Child is already the most successful global charity campaign ever undertaken by A&O, raising GBP1.32 million to date from fundraising initiatives across its international network.
For further information, please contact Elizabeth Randall, Elizabeth.Randall@allenovery.com, on 0203 088 2989.
Notes for editors
Profit before tax is reported on a like-for-like basis and excludes foreign exchange and exceptional items.
(i) PEP for the year ended 30 April 2017 was GBP1.58 million on a like-for-like basis. (ii)The number of equity partners for the year ended 30 April 2018 was 389.
Allen & Overy is an international legal practice with approximately 5,500 people, including some 550 partners, working in more than 40 offices worldwide.
In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. www.allenovery.com