Legal Business Blogs

Financials 2016/17: Double-digit growth for A&O at the halfway point

Allen & Overy (A&O) has increased its half year turnover for 2016/17, up by 14% on last year’s figures to £731m. The firm had posted half year revenues at £642m for the same six months last year.

The firm pointed to ‘standout performances’ in its London office and the Asia Pacific region.

Managing partner Andrew Ballheimer (pictured) said: ‘The backdrop of uncertainty affecting many of the markets in which we operate makes this set of results all the more impressive. They are a clear indication of the resilience of our business, proving once again the value of our well-hedged, diversified model.’

A&O posted another year of growth for the 2015/16 financial year with full year revenue rising by a modest 2.3% to £1.31bn. The year before turnover rose by 4% to £1.28bn. Amid the slowdown in top line growth, profits per equity partner remained stable at £1.2m.

A&O took a four partner IP team this year from Simmons & Simmons taking on its former IP head Marc Döring, Marjan Noor, Mark Heaney and David Stone.

In August it emerged the firm had broken its lockstep for members of its new Manhattan group as the firm made a major finance play to compete with the US. The Magic Circle firm announced the new team in July led by finance partner Scott Zemser, who joined with Alan Rockwell and Judah Frogel from White & Case.

Proskauer Rose partner Rajani Gupta also moved to A&O with Todd Koretzky, an associate from Milbank, Tweed, Hadley & McCloy who has been made up to partner by the firm.

The firm also took on Herbert Smith Freehills financial regulatory partner Nick Bradbury.

The only other LB100 firm to release half year results so far this season is Fieldfisher, which posted revenues for the period by 10% to £64.1m. The firm posted an 8% rise to £58.4m for the same period last year.