Double-digit first half revenue growth at Allen & Overy

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Allen & Overy reports 13% revenue growth for the first half of fiscal year 2016-17, accruing revenues of £731 million (about $1.22 billion) in the period.
 
A&O, the first Magic Circle firm to report its half-year results, reported a 3.6% increase in revenue for the comparable half last year when it when it increased  its top line from £619.7 million(about $1.03 billion) to £642 million (about $1.07 billion).
 
The firm credits the growth to “standout performances” by its London office and its operations in the Asia Pacific region.
 
“The backdrop of uncertainty affecting many of the markets in which we operate makes this set of results all the more impressive. They are a clear indication of the resilience of our business, proving once again the value of our well hedged, diversified model,” says managing partner Andrew Ballheimer.
 
The Magic Circle outfit has made key hires in the US, Europe and Asia for the period.
 
The firm raided several US firms in July, hiring Scott Zemser, Alan Rockwell and Judah Frogel from White & Case; Rajani Gupta from Proskauer Rose; and Todd Koretzky from Milbank Tweed Hadley & McCloy.
 
It has also gained intellectual property partners Mark Heaney and David Stone from Simmons & Simmons in London. Earlier, former Simmons & Simmons London IP head Marc Doering and Marjan Noor was also hired by the firm. Nick Bradbury, formerly a finance partner at Herbert Smith Freehills London, also joined the firm.
 
Meanwhile in Asia, it also scored Lina Lee and Jonathan Sui, former Hong Kong managing partner and corporate partner, respectively, at Ashurst.
 
For fiscal 2015-16, revenue rose at Allen & Overy by 2.3% to £1.31 billion (about $2.18 billion), with profit per equity partner reported at £1.2 million (about $2 million).
 

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