Finance

Allen & Overy profit per equity partner soars 17% to £1.9m in ‘hottest market I can remember’

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. 

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“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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