While Clifford Chance and Linklaters both recorded impressive increases in revenue and profit per equity partner (PEP) in 2016/17, Allen & Overy (A&O) blew its closest rivals away with a 25% rise in PEP, which jumped from £1.21m to £1.51m, while revenue saw a 16% increase to £1.52bn from £1.31bn. On a constant currency basis, A&O saw a 6% increase in its revenues and a 14% rise in PEP.
A&O is now the second-largest Magic Circle firm in revenue terms, overtaking Freshfields Bruckhaus Deringer in the Legal Business 100.
