A&O senior management make £14.2m

SENIOR ANAGEMENT at legal giant Allen & Overy (A&O) collectively took home £4m more last year, according to the firm’s financial statements.

In the year ending 30 April 2010, management, including senior partner David Morley and managing partner Wim Dejonghe, made £14.2m last year, marking a rise from 2009 when that figure came in at £9.9m.

The salary pot was also shared with partners who head up the firm’s main practice areas and supporting directors.

A&O’s balance sheet also showed that during the year, the firm’s partners injected £34.9m of capital into the business, marking a rise from 2009 when £15.9m was contributed by partners.

A spokesperson for A&O said the figure was not a cash call but was the result of an increase in the number of new partners.

The business said these came from promotions and a raft of new hires.
The Magic Circle firm, however, saw revenue fall by four per cent during the 2009-10 year to £1.05bn as markets continued to struggle.

Staff headcount fell by nine per cent during the year to 4,608, after the firm finalised a radical restructuring, which cost £19.6m.

But Morley remains confident about the prospects for the legal outfit next year.
“We’ve been through a huge economic dislocation. We’ve survived that, and, in many ways, thrived. That’s because we are flexible and... we can adapt quickly to a change,” said Morley.