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A&O equity partners earned $3.3m profit in past year
Global law firm Allen & Overy has posted its annual results, with profit per equity partner up by 17 per cent to more than $3.3 million.
Jerome Doraisamy
A&O released its results for the year ending 30 April 2021, which saw client revenue up £1.77 billion ($3.3 billion), amounting to a rise of 5 per cent in the past year. This also amounts to a rise of £480 million from 2017.
“A&O was the world’s leading transactional law firm, advising on 12 per cent more deals than any other firm in 2020, as well as taking a leading position in growing markets such as US and European SPACs, both from an M&A and a capital markets perspective,” the firm said in a statement.
Equity partners saw their individual profits increase by 17 per cent compared to the previous year, rising to £1.9 million ($3.37 million).
Speaking about the results, global managing partner Gareth Price said that the firm has been “really tested” over the past year and that he was proud of all staff members and how they have responded to the age of coronavirus.
“We took the time to find out the specific needs of our clients as COVID-19 hit and gave them the support they needed. We focused on the wellbeing of colleagues as they worked remotely and often very long hours,” he said.
“And we looked after the people in our supply chain in a responsible way. The culture we have built over many years and the short-term decisions we took early on ensured that our business not only survived but thrived during the pandemic, without seeking any government support.
“Our services are more in demand now than ever in our history and we have started the new financial year strongly, driven in particular by exceptionally high levels of M&A activity.”
The news follows the reporting of Herbert Smith Freehills’ annual results, in which equity partners saw their profits for the year jump to £1,099,000 per partner, a 28 per cent rise from last year’s individual figure of £857,000.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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