Allen & Overy (A&O) has increased its banking facilities more than 15 per cent while partner capital rose 4 per cent over the course of 2011-12 – an expansive 12 months for the firm.
At the end of the past financial year (30 April 2012) A&O had unused general bank facilities amounting to £10m and unused committed bank loan facilities of £150m, according to the firm’s annual financial report. The latter figure was figure is up from £130m on the same date in 2011.
A spokesman for the firm said: “It’s just a question of replacing facilities on a rolling basis. The firm has simply created more new facilities than have expired in the past year.”
The same report also reveals that partners’ capital within A&O increased £5m, from £140m in 2010-11 to £145m in 2011-12. The A&O spokesman said that the rise was down to a combination of new partners coming in and partners going up the equity ladder “net of retiring partners being repaid capital”.
The number of equity partners at A&O rose 7 per cent in 2011-12, from 398 to 427. In total, partner numbers rose 5 per cent, from 487 to 512, while the number of non-equity partners dropped from 89 to 85.
The firm made up 23 new partners in March 2012, up slightly on the 21 it promoted in the previous year (30 March 2012).
Turnover at A&O in 2011-12 was £1.182bn, up almost 6 per cent on 2010-11’s £1.119bn. Profit before tax was £486m, up almost 7 per cent on the £455.8m A&O posted in 2010-11. Average profit per equity partner was flat at £1.1m.