Profits at magic circle firm Allen & Overy bounced back sharply last year - ahead of its transatlantic merger to create Allen Overy Shearman Sterling, according to figures released today. Financial statements for the year to 30 April 2024 show pre-tax profits up 17.2% to £1bn on client revenue up 3.4% to £2.2bn.
Average profit per equity partner was £2.2m, up 18.6% from 2023.
The figures show a strong recovery from last year, when profits slipped by 1% amid 'challenging market conditions and a high inflationary environment'. The merger between Allen & Overy and Shearman & Sterling completed on 1 May this year.
Commenting on the results, Hervé Ekué, global managing partner, 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.
'As A&O Shearman we have an exciting future ahead of us, for both our clients and people. With unmatched experience and truly global capabilities, we are uniquely positioned to provide unparalleled service to our clients. Our combined firm’s success is rooted in our commitment to excellence, collaboration and innovation as well as our ability to adapt to the dynamic global market.'
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