Allen & Overy
UK top 200 ranking: 4
After more than a decade as the magic circle’s smallest member by revenue, Allen & Overy (A&O) has moved up a notch.
In 2011–12 the firm posted a near 6 per cent revenue increase, from £1.119bn to £1.183bn, overtaking Freshfields Bruckhaus Deringer, which posted a turnover of £1.139bn.
A&O’s rise among the magic circle has been a long time coming. Over the past five or six years the firm has been closing the gap on its elite stable mates by investing heavily in new offices in emerging markets. The 2011–12 financial year was no exception. A&O launched offices in Istanbul, Morocco and Washington DC. The firm also announced in May 2012 that it was going to open two offices in Vietnam after hiring Mayer Brown JSM’s Vietnam managing partner Dao Nguyen.
The Lawyer also reported in January 2013 that support staff across the firm’s US and European offices will have their jobs moved to Belfast as the firm beefs up the role played by its Support Services Centre.Forty-three back office staff from locations including New York, Amsterdam, Paris and Rome offices will see their jobs moved, with employees in the firm’s IT, business services, finance and marketing teams set to be affected.
News from The Lawyer
Briefings from Allen & Overy
MAS has invited comments on the proposed criteria for banks that wish to conduct forex conversion in China through a RMB clearing bank in Singapore
On 5 March 2013, a political agreement was reached for EU-level regulation to cap bankers’ bonuses. Given longstanding demands from the European parliament to limit EU bankers’ pay and unhelpful survey data from the European Banking Authority showing that CRD3 had not done its job in tackling pay levels, the arrival of a cap in some shape or form was inevitable. British opposition to the proposals was unlikely ever to prompt a U-turn in negotiations.
Analysis from The Lawyer
Of all the magic circle firms Allen & Overy (A&O) is probably the most transparent when it comes to reporting figures. It was the first of the group to become an LLP under senior partner Guy Beringer, an ardent advocate of transparency.
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