Magic circle firm Allen & Overy (A&O) has posted double digit growth in both its turnover and profit but it still lags behind its magic circle rivals.
As first revealed in The Lawyer on Monday (July 3) A&O has seen average profit per equity partner (PEP) jump by 20 per cent from £656,000 to £787,000 for the 2005-06 financial year.
Guy Beringer, Senior Partner of Allen & Overy, said: “Our improved performance reflects the generally favourable economic conditions in most of the countries where we operate.”
The increase is in line with the firm’s magic circle rivals. Freshfields Bruckhaus Deringer reported a 19 per cent rise in PEP from £700,000 to £830,000, while Clifford Chance expects PEP to increase to £810,000 fro £651,000, a 24 per cent increase.
Meanwhile, Linklaters, which was the first magic circle firm to publish its year end results, reported a staggering 26 per cent increase in its PEP from £843,000 to £1.06m.
A&O’s 11 per cent jump in turnover from £666m to £736m, however, was less impressive.