Rise of 19%
Partners at Allen & Overy enjoyed an uplift of 19% in their average earnings in the financial year before the tie-up with Shearman & Sterling.
A&O Shearman released new figures today regarding A&O’s financial performance prior to the mega-merger going live earlier this year.
They show that the average profit per equity partner (PEP) increased from £1.8 million to £2.2 million, thanks to a healthy 17.2% rise in pre-tax profits, reaching £1.05 billion.
Revenues increased a more modest 3.4% from just over £2.1 billion to £2.2 billion.
Commenting on the results, Hervé Ekué, global managing partner at A&O Shearman, said:
“In the year leading up to the completion of our merger, we’re pleased to report positive growth for the firm. This is testament to our strategic focus on diversification across regions, practices, and sectors.”
The results come after A&O Shearman initially set newly qualified (NQ) associate pay at £125,000, before upping this to £150,000 a month later following similar moves by its Magic Circle counterparts.
Earlier this week the newly-formed firm posted its combined retention score, with 37 its of 56 (66%) final-seat trainees staying on.
Fellow Magic Circle player Linklaters published its results this week, reporting a 10% increase in revenues, surpassing the £2 billion mark for the first time in its history. PEP also saw growth, climbing 8% up to £1.9 million.