ALLEN & Overy was the latest magic circle law firm to release its financial results yesterday, posting a seven per cent rise in revenues alongside a six per cent hike in profits.
Turnover at the firm, which has 487 equity partners across 37 offices, rose to £1.12bn in the year to 30 April, climbing from £1.05bn the previous financial year.
Profits before tax hit £431.2m, with profits per equity partner – often used as measure of a law firm’s success – remaining flat at £1.1m.
However, this was largely due to an increase in partner headcount at the firm over the year, with the number of full partners up 12 per cent from 355 to 398.
Revenues generated by the firm’s offices outside the UK last year stood at 60 per cent, up from 58 per cent in 2009-10. Overseas revenues have been boosted in the last 12 months by a new office in Jakarta, which opened last year in a link up with local firm Daniel Ginting.
“This has been a year of long term investment in our business,” said managing partner Wim Dejonghe (pictured). “Despite tough economic conditions, we have continued to expand into growth markets.”
Last week the firm opened a temporary office in Belfast, ahead of the full launch of its Northern Ireland support later this year.
The centre will house a total of 110 support staff, of which 40 are already in place.