A&O has £59m cash in reserve
Catrin Griffiths and Matt Byrne
Allen & Overy (A&O) has built up a cash surplus of £59m at the end of its financial year, according to provisional LLP accounts seen by The Lawyer.
That figure has been created by profit retentions over the past few years. It is understood that £42m will be allocated to fund the fit-out of A&O's new building in Spitalfields. The firm has already spent £6m on the offices, with the rest of the costs being provided for by loans.
The magic circle firm is the first top 10 UK firm to publish LLP accounts.
Senior partner Guy Beringer said: "We already had a culture of briefing staff on the full and half-year results. It encourages professional, businesslike behaviour and must have an effect on how we're dealt with by external regulators."
