… Because making money is overrated

We all like a good read, especially the online missive by A&O senior partner Guy Beringer to his staff. You can find it in the ‘Knowledge’ section of www.allenovery.com.

In it Beringer dismisses average profit per equity partner (PEP) statistics from firms as “not merely an inappropriate star by which to navigate, [but] a dangerous and undesirable metric for the legal profession to follow”.

That’s fighting talk from the senior partner of the magic circle firm that trailed its rivals in the PEP stakes. We concur with Beringer when he states that PEP should be studied in context. So we are happy to provide a comparison between magic circle firms based on turnover. Except A&O comes bottom with £736m, compared with Freshfields’ £882m, Linklaters‘ £935m or Clifford Chance‘s £1.03bn. Too simplistic? Perhaps revenue per lawyer then? Leading is Linklaters at £451,000, then Freshfields with £438,000, followed by Clifford Chance at £424,000. Trailing is… A&O, on £418,000. Oh dear.

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