The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Magic circle firm Allen & Overy (A&O) has posted double digit growth in both its turnover and profit but it still lags behind its magic circle rivals.
As first revealed in The Lawyer on Monday (July 3) A&O has seen average profit per equity partner (PEP) jump by 20 per cent from £656,000 to £787,000 for the 2005-06 financial year.
Guy Beringer, Senior Partner of Allen & Overy, said: "Our improved performance reflects the generally favourable economic conditions in most of the countries where we operate."
The increase is in line with the firm’s magic circle rivals. Freshfields Bruckhaus Deringer reported a 19 per cent rise in PEP from £700,000 to £830,000, while Clifford Chance expects PEP to increase to £810,000 fro £651,000, a 24 per cent increase.
Meanwhile, Linklaters, which was the first magic circle firm to publish its year end results, reported a staggering 26 per cent increase in its PEP from £843,000 to £1.06m.
A&O’s 11 per cent jump in turnover from £666m to £736m, however, was less impressive.