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Allen & Overy’s (A&O) banking and finance practice is losing ground to those of its magic circle rivals as Clifford Chance widens its lead in turnover terms.
During the past financial year Clifford Chance’s banking and finance practice generated £500m in fees; Linklaters’ took in £465.5m; A&O’s was £447m; and Freshfields ;Bruckhaus Deringer’s ;brought ;in £205m. The firms have the four largest banking practices in the UK, according to this year’s The Lawyer UK 200 Annual Report.
The results see A&O’s banking practice, which has ranked second behind Clifford Chance for the past five years, drop to third place in turnover terms.
A&O global banking chairman Michael Duncan argued that the practice remains strong despite being ;overtaken ;by Linklaters.
“Last year was still very lucrative for us,” he said. “I think last year the practice group was characterised by the jumbo deals we advised on. Clearly the coming year will be very different, but we’re confident that our restructuring capabilities are in good shape to see us into the next year.”
A&O’s banking turnover increased by 7.4 per cent in the last financial year, while Clifford Chance’s rose by 20 per cent and Linklaters’ by 19 per cent.
Last ;year ;Clifford Chance’s banking turnover of £418m was just £2m ahead of A&O’s £416m, but this year Clifford Chance generated £34.5m more than its nearest rival Linklaters.