Rises of 1% and 11%
Global duo Allen & Overy (A&O) and Linklaters have become the latest members of the magic circle to post their 2018/19 financial figures.
A&O confirmed a 1% bump in profit per equity partner (PEP) to £1.7 million and a 5% rise in revenues to £1.6 billion — an uplift of £75 million. Profit before tax enjoyed a boost of 8% to £708 million.
According to the firm, international capital markets (ICM) and corporate were “standout practice areas” over the past financial year, while multinational work continues to be a “significant growth driver”.
Andrew Ballheimer, A&O global managing partner, said: “With growth in all regions, the business continues to perform strongly in an uncertain geopolitical environment. Last year built on our strong performances of the previous two years and the global growth which we are seeing is the result of our long-term international investment strategy, established to better serve our clients.”
Meanwhile, Linklaters today said that PEP was up 11% to £1.7m, revenue grew by 7% to £1.6 billion and pre-tax profit rose 11% to £751 million.
Gideon Moore, firmwide managing partner, said: “I’m particularly pleased that we have been able to make this progress while continuing to invest in our clients, our people and our culture.”
Earlier this month, Clifford Chance confirmed PEP was up 1% to £1.6 million, while global revenues stood at £1.7 billion — a rise of 4.3% year on year. Twenty-four-hours later, Freshfields revealed a PEP growth of 6% to £1.8 million and a 5% boost in revenue to £1.47 billion.
A&O’s latest set of financials come as transatlantic tie-up talks between it and US firm O’Melveny & Myers continue to rumble on. Despite neither firm commenting directly on the widely-reported rumours, Legal Cheek revealed O’Melveny had temporarily suspended its vac scheme and training contract application processes earlier this year while discussions take place.
