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PEP at A&O hits $3.42m
Global law firm Allen & Overy has released its annual results for the year ending 30 April 2022, in which “exceptional” growth in its United States-based operations has seen profit before tax up 9 per cent and profit per equity partner (PEP) up 3 per cent.
Jerome Doraisamy
Allen & Overy’s annual results have been released and include an increase of 10 per cent in client revenue to £1.94 billion ($3.4 billion as of conversion rates on Friday, 15 July 2022).
More than 50 per cent of the firm’s revenue growth has come from “exceptional” results in the United States, the firm noted, following “continued and significant” investment in that region.
In addition, revenue from the firm’s Advanced Delivery & Solutions arm has increased by 14 per cent, driven by its aosphere, A&O Consulting and Peerpoint offerings.
The news follows the release of FY22 results by Herbert Smith Freehills, which recorded close to $2bn in revenue, and Pinsent Masons, which saw a PEP increase of 16 per cent.
Speaking about the results, A&O global managing partner Gareth Price said: “Last year, we demonstrated the power of our international platform to meet the sophisticated needs of our clients in an increasingly complex landscape for global businesses.
“Our clients are facing major new challenges and we have invested to broaden our capabilities to support them as well as expand our expertise in key markets to maintain our industry-leading local depth connected by global reach.
“The global economy continues to be impacted by high inflation and the business environment for our services has been softening in recent months.
“We expect these conditions to persist in the coming months, but we remain confident that our diversified business provides resilience and positions us well for the more challenging conditions ahead.”
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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