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Allen & Overy (A&O) has posted a better than expected turnover for the last financial year, with gross fees rising by 17.4 per cent to £580m
The Lawyer also understands that partner profits look set to dip just below last year's record levels, with plateau partners still earning over £1m. In November last year, The Lawyer revealed that A&O was slashing its partner drawings by 20 per cent as a response to the downturn. "A quarter of the way into the year, the budget was proving optimistic," said a source. "It was about prudential financial planning and to stop partners getting complacent." A&O's performance was helped by its strong showing in the M&A tables last quarter. "You only need one M&A transaction to transform things," said a source.