A&O set to reveal 20 per cent PEP increase

Allen & Overy (A&O) is expected to reveal double-digit growth in both turnover and profit when the magic circle firm publishes its limited-liability partnership (LLP) accounts later this week.

It is estimated that turnover will jump by approximately 15 per cent, from £666m to £766m, for the 2005-06 financial year. Meanwhile, average profit per equity partner (PEP) is expected to rise by 20 per cent, from £656,000 to £787,000.

A&O will be the last of the magic circle firms to publish its year-end results. Linklaters, the first magic circle firm to announce its results this year, reported a staggering 26 per cent increase in its PEP, from £843,000 to £1.06m. Meanwhile, Freshfields Bruckhaus Deringer reported a 19 per cent increase in PEP, from £700,000 to £830,000, while Clifford Chance expects its PEP to jump to £810,000 from £651,000, a 24 per cent increase.

The LLP accounts are also expected to reveal that A&O has appointed three additional partners to its global management board, which was overhauled following an election in March. The new appointments aim to boost the number of overseas and female partners on the governing body.

It is understood that China head of corporate Michael Liu, German partner Neil Weiand and London-based corporate partner Alison Beardsley have been appointed to the management board.

A&O will publish its LLP accounts on Thursday (6 July). This will be the second time A&O will have published its audited accounts since converting to an LLP.

A&O declined to comment on its year-end results.