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CITY firm Allen & Overy, described in the press as the most profitable firm in the UK, has gone on the record about the true state of its finances.
In a frank article in the firm's in-house newsletter, senior partner Bill Tudor John describes how the firm has fared since the last quarter of 1993/94 which "saw us quieter in business terms than we had seen for some time".
Tudor John says he instigated a year-long review of all areas of business to "enhance profitability". In the last year, he says, the firm has seen a world-wide fee earner increase of nine per cent and a turn-over increase of 12 per cent.
It has also gained clients like United Newspapers and British Aerospace and acted in high-profile transactions like the Leeds and Halifax merger.
The glasnost is applauded by another senior partner, James Wyness of Linklaters & Paines, who says his firm's annual review is designed to let people know how the practice is doing - "short of significant figures".