Magic Circle law firm Allen & Overy profit per equity partner has increased 17% to £1.9m on the back of a global M&A boom.
The firm boosted profit-before tax 19% to £822m in the year ended 30 April, while client revenue climbed 5% to £1.77bn.
A&O’s managing partner Gareth Price said: “We took the time to find out the specific needs of our clients as Covid hit and gave them the support they needed.
“We focused on the wellbeing of colleagues as they worked remotely and often very long hours.”
“It’s probably the hottest market I can remember, pretty much all of the firm is firing on all cylinders. Obviously M&A is particularly hot at the moment, the financing teams, the dispute teams, are all equally busy. There is a huge demand for legal services from our clients,” Price told Financial News.
Price said the firm’s results were driven by a mixture of pandemic-related cost savings on travel and entertaining, and the release of Covid-related provisions made earlier in the pandemic.
“Top-line growth, some cost savings and massive reinvestments, and accounting adjustments to reflect what we now know about Covid,” Price said were the key drivers behind the firm’s financial results.
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