Allen & Overy half-year turnover up 11 per cent

<a class=Allen & Overy half-year turnover up 11 per cent” />Allen & Overy’s (A&O) half-year turnover increased by 11 per cent to £548m compared to the same period last year.

The firm said that the results were buoyed by the impact of global market turmoil.

Managing partner Wim Dejonghe (pictured) said: “Business is holding up for us because of the investment we have made in building a multi-disciplinary, global firm. Clients are facing really difficult times, with complex cross-border issues, and they are coming to us for help.”

A statement from the firm added that the financial crisis had led to a “flight to quality” for top-end cross-border legal advice.

The statement also stated that a number of the firm’s core departments profited, particularly litigation, banking – especially in restructuring and bankruptcies – regulatory, financial institutions M&A and capital markets work.

However Dejonghe added that the firm remained cautious in its outlook: “No-one can predict with any certainty what will happen in the next six months, but we’re hopeful that being a well-diversified, global firm will enable us to get through these difficult times.”

To read how A&O fared in 2007-08, see the UK 200: Allen & Overy feature, or to read how it fared compared to rivals, read the UK 200: Magic circle feature.

To read how the firm fared in banking and finance specifically, read the UK 200 Finance report.