Allen & Overy sees revenues rise as Asian business grows

CITY law firm Allen & Overy (A&O) said yesterday its sales increased three per cent in the six months to 31 October with over half of its turnover generated outside of the UK.

The Magic Circle firm said it saw strong performances across its Asia-Pacific region.

Moscow and New York offices all contributed to revenue of £526m up from £511m a year earlier.

“Our strategy of investing in new markets has helped deliver steady growth, which reflects the diversified nature of our business,” said A&O’s managing partner Wim Dejonghe.

Dejonghe said the firm’s new offices in Australia, Indonesia and Qatar were showing positive early progress, adding the law firm now had the largest global network of any of its major competitors.

“This means we are perfectly positioned to take advantage of the shift in the balance of international trade and capital flows from the west to the east,” Dejonghe added.

A&O has posted revenues of £1.05bn for the full 2009-10 financial year – a drop of four per cent.

The firm attributed the fall in sales to the continued upheaval in the global economy.