Allen & Overy builds revenues and profits but growth slows

Elizabeth Fournier
MAGIC CIRCLE law firm Allen & Overy will this morning announce a rise in both turnover and profits, despite a slowdown in the firm’s growth since its last update.

Turnover at the firm is up six per cent to £1.18bn, while profits before tax have risen seven per cent to hit £486m.

But the figures mark a slowdown from A&O’s half-year figures, which saw revenues ahead by 11 per cent in the six months to November.

Managing partner Wim Dejonghe warned at the time that economic headwinds meant the firm was unlikely to match that pace of growth for the rest of the year.

Yesterday he said: “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... We’re confident that our ongoing investment in our global coverage will continue to pay dividends.”

Profit per equity partner for the full year remained flat at £1.1m, while staff costs rose to £446.8m.