Focus on banking helps deliver boost for Allen & Overy profits

ALLEN & Overy recorded a seven per cent jump in profit before tax during the last financial year, according to results released by the law firm this morning.

The group’s profits before tax rose to £532.1m while revenues rose at a slightly slower place, up two per cent to £1.23bn.

Profit per equity partner also increased by seven per cent to £1.12m.

“We saw a very strong first three quarters with some softening during the final quarter of last year. The global economy has begun to recover, but that recovery has not been uniform across all markets,” said Wim Dejonghe, Allen & Overy global managing partner.

The group said that an increased focus on banking had helped to deliver particularly strong growth in Germany, London, Luxembourg, and outside of Europe in the United Arab Emirates (UAE) and Singapore. The group also now has 43 offices internationally, up from 36 in 2010.