The majority of holidaymakers looking to head out to the Med for some guaranteed sunshine this summer may be feeling squeezed by the strong Euro. But Allen & Overy partners are the latest magic circle lawyers to be gratified by the currency’s robust standing.
The firm announced its financial results today and – just like Freshfields’ chief executive Ted Burke – managing partner Wim Dejonghe highlighted currency fluctuations as having helped boost the coffers.
Over 50 per cent of A&O’s cash comes from abroad, with western Europe and the Middle East increasingly important. As a result A&O grew by seven per cent to hit £1.1bn over the last year.
PEP did drop slightly, but equity partners are still part of the increasingly exclusive £1m club (just).
Even Clifford Chance partners, who saw PEP halve to £733K, can probably just about afford a holiday in Chiantishire this year, but A&O partners pocketing that extra £267K may still be able to buy a small part of it.